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Cathie Wood’s ARK Sells $11.8 Million Worth of COIN Stock

July 12, 2023

As the cryptocurrency exchange Coinbase Global (NASDAQ: COIN) hits new highs, Cathie Wood‘s ARK Innovation ETF (ARKK) sold $11.8 million worth of COIN shares at a closing price of $89.15 on Tuesday. ARKK sold 132,152 COIN shares.

Wood’s ARK Invest has been bullish about COIN and is one of the company’s biggest holders of COIN stock outside of the company’s executives and has been buying up the company’s shares even as COIN has run into trouble with the Securities and Exchange Commission (SEC).

COIN is one of ARKK’s top ten holdings and even with yesterday’s sell-off, the company still comprises 8.3% of ARKK’s holdings.

Year-to-date, the ARK Innovation ETF (ARKK) has surged by more than 50%.

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Shrilekha Pethe
Shrilekha Pethe has been extensively covering and writing about the U.S. stock market since 2015, and has been writing stock news and analysis at TipRanks since 2021. Her core competency lies in analyzing the mining, banking, oil and gas, and technology sectors and all major stocks in those financial sectors. Shrilekha has also worked as an equity research analyst for a bulge-bracket client in investment banking, Credit Suisse, performing financial analysis of companies in the area of technology, media, and telecommunications. A postgraduate in finance from ICFAI Business School, Pune, the analyst-turned-writer is currently on her way to becoming a Certified Financial Planner. Shrilekha has also written for Kiplinger, a subsidiary of Future plc., which publishes research related to stocks, business forecasts and personal finance.