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Cathie Wood, a well-known champion of Bitcoin, has managed to secure profits for her investment company, ARK Invest, by releasing a small fraction of their hefty Coinbase holdings. As the value of Coinbase shares skyrocketed, ARK decided to lighten its load.
ARK Invest chose to relinquish a total of 135,152 Coinbase shares, worth approximately $12 million, on July 11. This move was part of a strategy for their ARK Innovation ETF, one of their main exchange-traded funds. Interestingly, this decision aligned with a noticeable increase in Coinbase's stock price, which briefly ascended to $91 from a humble $81.9 before settling at $90 the following day.
Data collected from TradingView demonstrates a robust performance by Coinbase stock, registering a 60% growth over the past month. Furthermore, the year-to-date increase exceeds a substantial 140%. Cathie Wood, seizing the moment, took advantage of the surge in share value for the second time this year, having previously sold 160,888 shares from the ARK Fintech Innovation ETF back in March, generating $13.5 million.
Despite these recent profits, ARK has shown an aggressive accumulation strategy with Coinbase stocks in the past. Throughout June, the firm scooped up around $39.9 million worth of Coinbase shares. This follows similar activities in May and April, along with a hefty $117 million investment in March.
Top executives at Coinbase, such as CEO Brian Armstrong, have also profited from the recent rally of their shares. Armstrong and other senior executives cashed in on 88,058 shares on July 6, gaining approximately $6.9 million.
This bullish run of Coinbase's shares is occurring amidst a pending lawsuit from the United States Securities and Exchange Commission. Yet, it appears that the fear of missing out (FOMO) associated with BlackRock Bitcoin ETF, which named Coinbase as a "surveillance-sharing" partner, is fueling this growth.
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