Cathie Wood, Major Coinbase Investor, Sells Off This Time

• Coinbase shares saw a significant increase, reaching close to $90, following official announcements of agreements with BlackRock and CBOE.
• ARK Invest, one of Coinbase’s major investors, reported the sale of 135,152 COIN shares to the SEC, amounting to approximately $12 million.
• Brian Armstrong, CEO of Coinbase, and other senior executives also sold about $7 million worth of shares last week.

Surge in Coinbase Shares Following Key Partnerships

Following the formal disclosure of agreements with BlackRock and CBOE, shares in the cryptocurrency exchange Coinbase experienced a substantial surge. The shares, which were previously trading at around $75-76, saw an increase of over 10%, nearing the $90 mark.

ARK Invest Reports Significant Sale of COIN Shares

ARK Invest, a major investor in Coinbase, reported to the SEC a significant sale of COIN shares. The sale involved 135,152 shares from one of the company’s largest ETFs, the ARK Innovation ETF. The total value of the shares sold was approximately $12 million. This is not the first time ARK Invest has made such a move. In March, just a day before the SEC filed a lawsuit against the exchange, the company sold $13.5 million worth of Coinbase shares when the share price was around $84. Following the lawsuit, Coinbase shares fell sharply, prompting ARK to buy more shares at the lower price.

Coinbase Executives Also Make Substantial Sales

It wasn’t just ARK Invest that made significant sales of Coinbase shares. Brian Armstrong, the CEO of Coinbase, along with other top executives, also sold approximately $7 million worth of shares last week. This move comes amidst a challenging period for Coinbase, which has been grappling with a lawsuit from the SEC.