Fund manager Cathie Wood and her ARK Invest Management firm offloaded a portion of their Coinbase stock Friday as the cryptocurrency exchange rocketed to its highest level this year. Coinbase stock inched up Monday.
Wood Sells $50 Million Of Coinbase Stock
Wood and ARK sold a total of 478,356 shares of Coinbase across three exchange traded funds on Friday worth roughly $50.38 million based on the closing price of 105.31, according to an investor email update.
ARK unloaded 263,247 shares from its flagship ARK Innovation ETF, representing 0.3% of the total ETF.
Wood sold 93,227 shares from the ARK Next Generation Internet ETF, which represented 0.61% of the total fund. The firm offloaded 121,882 shares from the ARK Fintech Innovation ETF, that accounted for 1.22% of the total fund.
Cryptocurrencies Rally On Court Case Win
Cryptocurrency prices and related stocks rallied at the end of last week after Ripple Labs scored a major win in its court case against the Securities and Exchange Commission on Thursday.
The SEC sued Ripple in December 2020, accusing the crypto and blockchain solutions provider of offering its XRP token as an unregistered security. On Thursday, a judge in the Southern District of New York ruled XRP is a security when used for institutional sales but not when it's sold to the broader public. XRP rallied roughly 75% near 82 cents following the ruling.
Bitcoin and ethereum bolted near year-highs following the lawsuit update.
Coinbase stock vaulted 24.5% during trading Thursday. COIN shares bolted as high as 114.43 intraday Friday and closed at 105.31, setting a new peak for 2023 and marking its highest level since last August.
Before the ruling, ARK sold about 11.8 million worth of Coinbase on July 11 after COIN stock surged to its previous year high and closed at 89.15.
COIN stock edged up 0.2% to 105.55 Monday. Shares bolted 198% so far this year.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
