Cathie Wood’s Ark Invest sold 478,356 Coinbase shares valued at $53 million on Friday as the crypto exchange’s share prices hit a 52-week high.
This is the second time that the investment management firm led by Cathie Wood has dumped Coinbase shares within a week.
As previously reported, Ark Invest sold 135,152 Coinbase shares worth $12 million on July 11 from the Ark Innovation ETF.
On July 14, Ark Invest sold 478,356 shares of Coinbase as the share price hit a year-long high of $114.43, according to a trading desk update from the fund manager.
The investment management firm’s Ark Next Generation Internet ETF sold 93,227 shares, the ARK Innovation ETF sold 263,247 and the Ark Fintech Innovation ETF sold 121,882 shares.
In total, the sales were worth $53 million, based on COIN’s closing price of around $110 on Friday.
Ark Invest remains the second largest owner of Coinbase shares, holding a 6.30% stake after the recent sell-off.
Ark Invest accumulates shares of Meta and Robinhood
Cathie Wood began accumulating shares of Meta Platforms after the company announced the launch of Threads last month. Threads is a microblogging platform launched as a rival to Elon Musk’s Twitter.
On Friday, ARK Innovation ETF bought 69,793 Meta shares worth more than $21 million, while ARK Fintech Innovation ETF bought 111,843 Robinhood shares worth $1.3 million.
ARK Next Generation Internet ETF further increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.
In total, Ark Invest bought $24 million worth of Meta shares and $3.3 million worth of Robinhood shares.
Robinhood share prices are up 24% in the last 30 days.
Coinbase Stock Rallies After Court Rules In Favor Of Ripple
Coinbase stock price surged after a US court ruled in favor of Ripple in the ongoing XRP lawsuit.
Judge Torres ruled that selling XRP on exchanges does not in itself constitute an investment contract.
The latest ruling gives the crypto exchange hope that it too will emerge victorious in its court battle against the US SEC.
Shortly after the court ruling, the crypto market began to recover as the price of XRP rose by almost 70%.
Coinbase, the largest US-based exchange, also witnessed a notable rise in its share prices. COIN is up nearly 25% since the court ruling.
At the time of the close on Friday, COIN was trading at $105.
COIN is also up 213% year to date.
Prior to the landmark court ruling in the Ripple lawsuit, Coinbase shares were rallying as the exchange was listed as a co-watchdog partner for several U.S. bitcoin ETF applicants, including giants BlackRock and Fidelity.
