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.
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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%.
