Cathie Wood, a prominent investor in bitcoin, has sold a portion of her holdings in Coinbase to reap profits. On July 11, Wood's investment firm, ARK, sold 135,152 Coinbase shares, equivalent to $12 million, from the ARK Innovation ETF. This sale represents 0.14 percent of the fund's total holdings. The move comes as Coinbase stock experienced a sharp rise, reaching a price of over $90. Coinbase shares have surged more than 60% in the past month and over 140% year-to-date.
This is not the first time Wood has profited from Coinbase stock this year. In March, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF. Wood has been actively accumulating shares in various ARK funds and taking profits from the firm's Coinbase holdings. June alone, ARK purchased approximately $40 million worth of Coinbase stock. Coinbase executives, including CEO Brian Armstrong, have also been selling their shares amid rising prices.
Despite facing a securities violation lawsuit from the US Securities and Exchange Commission, Coinbase's stock price continues to rise. The increase may be fueled by concerns of missing out on BlackRock's spot bitcoin ETF filing, in which Coinbase is listed as a "monitoring s Haring" partner . Despite the legal challenges, Coinbase's strong performance has attracted investor interest and contributed to Wood's decision to profit from her holdings.
