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Coinbase stock hit its highest level in nearly a year over excitement in its possible role in a Bitcoin ETF.
David Myslivec/Dreamstime.com
Cathie Wood’s flagship fund has sold shares in
Coinbase
Global as the cryptocurrency exchange’s stock price runs up on excitement over its role in the proposed launch of a Bitcoin exchange-traded fund.
The
ARK Innovation ETF
(ticker: ARKK) sold 132,152 shares of
Coinbase
(COIN), according to an emailed trade notification Tuesday.
Those shares would be worth around $11.8 million at Coinbase’s closing price of $89.15 on Tuesday. The stock rose nearly 10% on the day after news emerged that a proposed Bitcoin ETF to be launched by Cboe BZX Exchange would include surveillance-sharing agreements with Coinbase.
Wood’s ARK Invest is one of the biggest holders of Coinbase shares outside of the company’s own executives and has been a keen buyer this year even as the crypto exchange faces a lawsuit by the Securities and Exchange Commission. The latest sale is only a small portion of ARKK’s total Coinbase holding, which accounted for more than 8% of the ETF’s assets, at a market value of more than $711 million as of Wednesday.
Write to Adam Clark at [email protected]
Source: https://www.barrons.com/articles/cathie-wood-ark-coinbase-stock-bitcoin-etf-849f9a25?siteid=yhoof2&yptr=yahoo