Cathie Wood Misses Out On Coinbase’s 25% Rally After Dumping $12M Worth of COIN Shares
Cathie Wood missed out on Coinbase rally after her Ark Invest (ARK) dumped over 135K shares Worth $12 Million The post Cathie Wood Misses Out On Coinbase’s 25% Rally After Dumping $12M Worth of COIN Shares appeared first on CoinChapter.
Key Takeaways:
- Cathie Wood’s Ark Invest recently offloaded some of its Coinbase (COIN) shares.
- The company currently has 4.3% of total Coinbase shares
- Coinbase price has rallied extensively in recent week
YEREVAN (CoinChapter.com) — The shares of Coinbase Global (NASDAQ: COIN) are up over 25%, touching their highest level since last August. While the sudden surge helped most investors reap profits, Cathie Wood missed out on the rally. Well, not entirely, but to an extent.
Earlier this week, her company, Ark Invest (ARK), dumped 135,152 Coinbase shares valued at $12 million.
The large stash came from her firm’s flagship exchange-traded fund (ETF), the ARK Innovation ETF. Meanwhile, the firm purchased an additional 1,342,478 shares of Ginkgo Bioworks, a biotech stock that Ark has previously invested in. The total value of this acquisition amounts to approximately $2.7 million.
Wood’s firm still made profits from the sale, owing to its large holdings and several purchases. The firm offloaded the stock at a time when the COIN price surged to around $90, according to the Trading View chart.
However, the decision to dump the large pile of Coinbase stock also resulted in the lost opportunity of earning around $2 million more, as the latest rally shows.
The surge in Coinbases’ stock price comes on the back of Ripple’s recent win against the XRP. Moreover, speculations of the first Spot Bitcoin ETF hitting the market have also added to its rally.
Several financial giants vying to launch the first spot BTC ETF, including BlackRock, have announced Coinbase as their partner in the project.
Cathie Woods Ark has more COIN stock
While the decision to sell Coinbase shares may seem like a lost opportunity, it’s not as bad as it seems. Cathie Wood’s firm still has millions in Coinbase shares. The latest rally, as a result, has brought her good profits too.
According to the website Cathie’s Ark, which tracks her portfolio, she has over 11 million Coinbase shares.
Before the recent sale of COIN shares worth $12 million, Cathie Wood has been actively acquiring the stock across multiple ARK funds.
Last month alone in June alone, ARK purchased over 400,000 shares worth approximately $21 million. The purchase came after the stocks tanked when the SEC charged Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange broker.
Earlier, in April and May, the investment firm acquired around $33 million worth of shares, followed by a substantial investment of $17 million in Coinbase shares in March.
Currently, her firm owns 4.32% of all shares from the exchange, with COIN’s weight in the ARK portfolio sitting at 7.88%, up from 2.7% in Jan 2023.
ARK’s recent sale also marks the second instance this year where Cathie Wood has capitalized on profits from Coinbase shares. On March 21, ARK offloaded 160,887 Coinbase shares from its ARK Fintech Innovation ETF.
The sale generated approximately $13.5 million in revenue, equivalent to around $84 per share.
The post Cathie Wood Misses Out On Coinbase’s 25% Rally After Dumping $12M Worth of COIN Shares appeared first on CoinChapter.
