Ripple’s partial court victory sent Coinbase shares soaring to a 12-month high of $114.43 on July 14. Taking advantage of the price surge, the Ark Invest Fund, led by veteran investor Cathy Wood, sold some of its Coinbase stake.
transaction Viewed by crypto slate Ark Invest exchange-traded funds (ETFs) sold a total of 478,356 shares of Coinbase stock worth about $53 million on Friday. The ARK Fintech Innovation ETF sold 121,882 Coinbase shares, the ARK Next Generation Internet ETF sold 93,227 shares, and the flagship ARK Innovation ETF sold 263,247 shares, according to trading data.
The latest sale comes just three days after Ark Invest cashed out $12 million worth of Coinbase shares. ARK Innovation ETF sold 135,152 Coinbase shares on July 11th.
Coinbase’s share price fell slightly to close just above $105 on Friday as investors profited. Coinbase shares are up 32% this week, but on Friday they were up 213.42% year-to-date.
Ark Invest bought Coinbase shares worth more than $21 million last month, the same day the exchange was sued by the U.S. Securities and Exchange Commission (SEC).
What does the Ripple ruling have to do with Coinbase?
In the Ripple decision, the judge noted that XRP traded on secondary markets is not a security. If exchange-traded cryptocurrencies are not securities, the SEC’s case against Coinbase is significantly weakened.
In other words, the cryptocurrency community believes Coinbase can win by citing the XRP ruling as a precedent proving that tokens traded on its platform are not securities.
Kathy Wood Sacks Meta and Robinhood Stocks
Kathy Wood’s Ark Invest fund significantly increased its holdings in Meta and Robinhood on Friday. The Ark Investment Fund purchased 280,959 Robinhood shares and 82,353 Meta shares.
The ARK Innovation ETF bought 69,793 meta shares worth more than $21 million, according to trading data. The ARK Fintech Innovation ETF bought 111,843 Robinhood shares worth about $1.4 million. Meanwhile, the ARK Next-Generation Internet ETF added 12,559 Meta and 169,116 Robinhood shares, worth $3.9 million and $2 million, respectively.
Meanwhile, Bloomberg report On Friday, it was announced that funds were pouring out of the Ark Investment Fund despite its recent rally.
Coinbase Stock Hits 12-Month High, Ark Invest Cashes $53 Million, first appeared on CryptoSlate.