The popular investment firm Ark Invest, led by star fund manager Cathie Wood, has sold a large chunk of its Coinbase shares for around $53 million as the cryptocurrency exchange’s price hit a record high.
According to a trading update released by Ark Invest, the company sold a total of 478,356 Coinbase shares from three of its exchange traded funds on July 15.
The sales include 93,227 shares from Ark Next Generation Internet ETF, 263,247 shares from ARK Innovation ETF and 121,882 shares from Ark Fintech Innovation ETF.
Based on Coinbase’s closing price of around $110 on July 15, the total sales amount to around $53 million.
This is the second time in a week that Ark Invest has sold Coinbase shares. On July 11, the firm sold over 135k shares worth $12 million from its ARK Innovation ETF.
Ark Invest Remains Coinbase’s Second Largest Shareholder
Despite the recent multi-million dollar Coinbase share sales, Ark Invest remains the second largest owner of Coinbase shares with a 6.3% stake.
Coinbase stock reached an all-time high of $114.43 on July 15, likely prompting Ark Invest’s latest sale of nearly half a million shares.
The rally in Coinbase shares comes on the back of a recent court ruling in favour of cryptocurrency firm Ripple against the U.S Securities and Exchange Commission. The ruling boosted sentiment around crypto exchanges and Coinbase shares surged over 20% following the decision.
Ark Invest Makes Bullish Moves
At the same time of selling part of its Coinbase stake, Ark Invest also made some bullish moves by purchasing shares of Meta Platforms and Robinhood.
According to the report, Ark Innovation ETF bought over $21 million worth of Meta shares, while Ark Fintech Innovation ETF purchased around $1.3 million worth of Robinhood shares on July 15.
In total, Ark Invest bought $24 million worth of Meta shares and $3.3 million worth of Robinhood shares on Friday. Robinhood’s stock price is up nearly 25% over the last month.
So while Ark Invest booked some profits from Coinbase’s record high prices, it reinvested the capital into other companies it sees potential in like Meta and Robinhood. This showcases Cathie Wood and Ark Invest’s bullish long-term view of the tech sector.
This article is based on the original news published on Cryptonews.