ARK Invest-managed funds liquidated positions in Coinbase shares worth $53 million. The sale followed a rally in the stock prompted by a court ruling in the SEC case against Ripple.
ARK Invest’s funds pared their holdings as follows:
- the flagship ARK Innovation ETF sold 263,247 shares;
- the ARK Next Generation ETF sold 93,227 shares;
- the ARK Fintech Innovation ETF sold 35,666 shares.
On July 13, the U.S. District Court for the Southern District of New York found that that the programmatic sales and other distributions of the token XRP by Ripple did not constitute an offer and sale of investment contracts. The proceedings in the case had lasted since December 2020.
The Coinbase stock finished the day at $107. Prices retraced in the subsequent trading session.
On July 11, the ARK Invest funds sold off 135,152 Coinbase securities (~$13.4 million).
The largest U.S. bitcoin exchange announced the relisting of XRP. The platform stopped supporting the asset after the SEC filed suit against Ripple.