As Coinbase (COIN) share price hit a 52-week high, Ark Invest, the investment management firm led by Bitcoin (BTC) bull Cathie Wood, recently divested more of its Coinbase stock.
Following Ark Invest’s significant acquisition of Coinbase shares during a bear market, the investment firm recently sold part of its holdings of Coinbase for the second time this week. Meanwhile, Cathie Wood, a prominent Bitcoin advocate, is actively investing in Meta Platforms (META) and Robinhood Markets (HOOD) stocks.
Trading information observed by Cointelegraph reveals that on July 14, Cathie Wood’s Ark Invest fund divested a total of 478,356 Coinbase shares (COIN) worth $53 million, coinciding with the stock’s annual high price of $114.43.
A screenshot of the ARK Invest trade notification. Source: ARK Trading desk.
In the transaction, Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) divested 263,247 shares of COIN, ARK Next Generation Internet ETF (ARKW) sold 93,227 shares of COIN, and ARK Fintech Innovation ETF (ARKF) sold 35,666 shares of COIN.
In June, Cathie Wood initiated the buyout of Meta Platforms after the company announced the launch of “Threads”, a social media application similar to Twitter. ARK Innovation ETF (ARKK) acquired 69,793 shares of META, while ARK Fintech Innovation ETF (ARKF) purchased 111,843 shares of Robinhood. In addition, ARK Next Generation Internet ETF (ARKW) increased its holdings with 12,559 META shares and 169,116 Robinhood shares.
As per CoinMarketCap, closingg COIN’s share price on Friday hit $105.31, a 1.58% decline as investors secured their gains. During the week, COIN price jumped by 33%, hitting a 24-hour high of $114.43, and showing an impressive year-over-year increase of 213%. In addition to the overall rise in crypto-related stocks, Coinbase witnessed notable gains after the summary decision in the US SEC v. Ripples.
Related: Allowing Coinbase to go public isn’t a ‘blessing’ from the regulator — the SEC
Cathie Wood’s ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11 and ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares in March.
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