{"id":81586,"date":"2023-07-12T10:03:59","date_gmt":"2023-07-12T07:03:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81586"},"modified":"2025-09-11T23:50:38","modified_gmt":"2025-09-11T20:50:38","slug":"ark-invest-trims-coinbase-stock-positions-by-13-4-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ark-invest-trims-coinbase-stock-positions-by-13-4-million\/","title":{"rendered":"ARK Invest trims Coinbase stock positions by $13.4 million"},"content":{"rendered":"

ARK Invest’s flagship ARK Innovation ETF sold<\/a> 135,152 Coinbase shares (~$13.4 million).<\/p>\n

ARK Invest resumed buying Coinbase shares<\/a> in October 2022 after a four-month pause. The firm steadily built its positions and only in March 2023 disposed of a stake worth $13.5 million<\/a>.<\/p>\n

In late April, Cathie Wood’s funds bought more<\/a> Coinbase securities worth $8.6 million. The deal occurred on the same day Coinbase filed a lawsuitCoinbase filed a lawsuit<\/a> concerning the SEC<\/span>.<\/p>\n

In May, ARK Invest-controlled entities invested $8.3 million<\/a> and $7.5 million<\/a> in the crypto exchange.<\/p>\n

The last purchase came on June 6, when the SEC filed a lawsuit<\/a> against the crypto exchange. ARK Invest-managed fundsbought more<\/a> in total 419,324 Coinbase shares for $21.64 million.<\/p>\n

The SEC accused the company of an unregistered securities offering in the form of a series of tokens and of unlawfully combining three functions \u2014 acting as broker, exchange and clearinghouse, which are typically separated in traditional markets. The regulator also targeted Coinbase Earn’s staking<\/a> program.<\/p>\n

That day, Coinbase shares fell 9.1%. At one point, the drop in market capitalization exceeded 13.5%.<\/p>\n

Since then, as of July 11, the stock’s price has risen 72.7% \u2014 from $51.60 to $89.20. Since the start of the year, the exchange’s market capitalization has risen more than 151.9%.<\/p>\n

\n
\\\"image-442\\\"
Daily chart of Coinbase shares on Nasdaq. Data: Finviz<\/a>.<\/figcaption><\/figure>\n<\/div>\n

Catalyst for the positive momentum<\/a> could be news around applications to launch spot Bitcoin-ETFs<\/a>.<\/p>\n

On June 30, sources to the WSJ said the SEC returned the documents<\/a> because they did not contain sufficient information regarding the so-called joint surveillance agreement<\/a> or details of this mechanism. The latter became a key addition to BlackRock’s<\/a> proposal.<\/p>\n

The next day, Bloomberg reported that Invesco, VanEck, 21Shares, WisdomTree, and Fidelity sent<\/a> revised filings to the Commission, reflecting regulator criticism.<\/p>\n

The listed firms included in the filings a note that Coinbase would provide support in joint surveillance.<\/p>\n

Earlier on July 6, a number of top executives, including the platform’s CEO Brian Armstrong, sold a total of 88,058 shares worth about $6.9 million<\/a>.<\/p>\n

Former SEC chairman Jay Clayton saw strong prospects for Bitcoin ETF approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

ARK Invest’s flagship ARK Innovation ETF sold 135,152 Coinbase shares (~$13.4 million).<\/p>\n","protected":false},"author":1,"featured_media":81587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1218,138,1211],"class_list":["post-81586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ark-invest","tag-coinbase","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"121","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81586"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81586\/revisions"}],"predecessor-version":[{"id":81588,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81586\/revisions\/81588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81587"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}