Cathie Wood's Ark Invest sold $26.3M worth of Coinbase shares on Monday, marking its third sale of the crypto exchange’s stock in recent days.
Ark Invest Is Still The Second-Largest Owner of Coinbase Shares, Despite The Sales
Cathie Wood's Ark Invest sold $26.3M worth of Coinbase shares on Monday, marking its third sale of the crypto exchange’s stock in recent days.
A total of 127,266 shares in the flagship Ark Innovation ETF, 44,784 shares in the Ark Next Generation Internet ETF, and 76,788 shares in the Ark Fintech Innovation ETF were sold.
The transactions, which were made after nearly a year of increasing its holdings, are valued at $26.3M, according to the stock's Monday closing price of $105.5.
Cathie Wood, CEO and CIO of Ark, stated that despite this, the fund manager is "very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC (Securities and Exchange Commission)."
A federal judge's decision last week that Ripple's XRP cryptocurrency is a security when sold to institutional investors but not when traded on secondary markets gave the company a partial triumph. The decision favors Coinbase since it could have an impact on the 13 tokens that are already being traded on the platform and which the SEC claimed to be securities.
Ark is still the second-largest owner of Coinbase shares, despite the sales, with more than a 6% stake.
