Cathie Wood Cuts $13.5 Million Coinbase Shares Before Crypto Market Optimism

Key Points:

• Cathie Wood’s ARK Fintech Innovation ETF sold Coinbase for $13.5 million.
• Ark acquired more than $20 million in COIN shares earlier this month.
• Although COIN rallied on news of its company’s expansion into Brazil, the stock is still low compared to 2022.

On Tuesday, Cathie Wood’s ARK Investment Management sold a $13.5 million investment in the crypto exchange platform Coinbase.

On a day when the company’s stock gained more than 12%, ARK sold nearly 160,000 shares. The transaction was completed using the ARK Fintech Innovation ETF ARKF. According to the most recent data accessible on the website, Coinbase is the fund’s largest investment.

ARK purchased Coinbase shares many times during the crypto winter. It will have lost more than 80% of its value by 2022, hitting the lowest point at the end of the year. Cathie Wood opted to keep holding and did not sell any shares at this time.

The sale came only twelve days after ARK invested a stunning $20.5 million in the shares utilizing several funds. The purchases were then made via the ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.

COIN is up over 140% year to date due to the unexpected comeback of the crypto market, but it is still roughly 58% lower than the price at the same time last year.

Coinbase made some fascinating comments about its push into Brazil on Tuesday. The company announced that it has made it easier to top up and withdraw money from a the exchange account in Brazil using the real.

The shares of Coinbase have risen after the bitcoin exchange announced its entrance into Brazil. The nation has the biggest economy in Latin America and the third-largest economy in the Americas after the United States and Canada.

However, the United States Supreme Court seemed split on Tuesday over Coinbase’s move to block customer lawsuits while the business pursues a campaign to take the arrangement out of courts and into private arbitration.

As Coincu reported, the exchange wrote to the SEC to get clarification that basic staking services are not securities. The letter was sent in response to the SEC’s February crackdown on Kraken’s staking program. The SEC charged the exchange with failing to register the offer and sale of its cryptocurrency asset staking-as-a-service business, which it classed as securities.

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Harold

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