ARK Continues to Trim Coinbase Holdings, Sells $50.5M Worth of Shares

Cathie Wood's ARK Invest has sold an additional $50.5 million worth of Coinbase shares, taking advantage of the recent surge in the cryptocurrency exchange stock. ARK sold over 480,000 COIN shares across three funds, reducing its holdings but still remaining one of the largest holders of Coinbase stock. The recent rally in Coinbase shares was fueled by the announcement of surveillance-sharing agreements with five spot bitcoin exchange-traded fund applicants, potentially paving the way for SEC approval. This follows ARK's previous sale of $12 million worth of COIN shares on July 11.