Cathie Wood's Ark Offloads $12M Worth Of Bitcoin-Linked Stock Amid 10% Rally On CBOE Tie-Up

Cathie Wood-run Ark Invest's trades on Tuesday were mostly focused on healthcare stocks, although the firm did buy and sell a few stocks outside of the space.

What Happened: Ark's flagship Ark Innovation ETF ARKK sold 135,152 shares of cryptocurrency exchange Coinbase Global, Inc. COIN. The sale would have fetched the firm proceeds of $12.05 million.

Coinbase shares rallied 9.78% to $89.15 on Tuesday after it announced a surveillance-sharing agreement with CBOE's BZX Exchange for five of its spot Bitcoin BTC/USD ETFs.

See Also: Best ETFs

Why It's Important: Ark was primarily a buyer of Coinbase shares, supporting the stock as the crypto industry reeled under the impact of bankruptcies and increased regulatory scrutiny. Except for a single sale transaction in late March by the Ark Fintech Innovation ETF ARKF, the firm has pressed the buy button this year.

Ark’s 13F filing showed that at the end of the second quarter, Ark held 12.12 million shares of Coinbase valued at $867.32 million. This compares to the 9.19 million shares, valued at $325.21 million, it held at the end of 2022.

Coinbase ended Tuesday's session up 9.78% at $89.15, according to Benzinga Pro data.

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

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