Cathie Wood's ARK Sells $12M Coinbase Shares as COIN Surges

Cathie Wood's ARK Invest has sold $12 million worth of Coinbase shares as the stock reaches a near one-year high following the exchange's announcement of a surveillance-sharing agreement with five spot bitcoin ETF applicants. ARK Invest owns close to 11 million shares of Coinbase across its funds, representing 6.2% of the total fund weightage. The estimated cost average for COIN across the various funds ranges from $239.60 to $254.65. Coinbase's stock has risen 72% since the SEC sued the exchange on June 6.