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Coinbase stock hit its highest level in nearly a year over excitement about its possible role in a Bitcoin ETF.
David Myslivec/Dreamstime.com
Cathie Wood’s flagship fund sold shares in
Coinbase
Globally as the share price of a cryptocurrency exchange rises due to excitement over its role in the proposed launch of a Bitcoin exchange-traded fund.
The
ARK Innovation ETF
(code: ARKK) sold 132,152 shares
Coinbase
(COIN), according to a transaction notice emailed Tuesday.
Those shares would be worth about $11.8 million at Coinbase’s closing price of $89.15 on Tuesday. Stock nearly 10% increase on the day following news that a proposed Bitcoin ETF will be launched by the Cboe BZX Exchange that will include custody-sharing agreements with Coinbase.
Wood’s ARK Invest is one of the largest Coinbase stock holders outside of corporate executives and is an interested buyer. This year even if the crypto exchange faces a lawsuit by the Securities and Exchange Commission. The latest sale is just a fraction of ARKK’s total Coinbase holdings, which represent more than 8% of the ETF’s assets, with a market value of more than $711 million as of Wednesday.
Write to Adam Clark at [email protected]
