In an email update shared with investors, ARK announced it had sold 478,356 Coinbase shares. Considering that the COIN stock traded at around $105 per share on Friday, the investment fund raked in more than $50 million. This follows a previous sale of Coinbase shares that were worth approximately $12 million.

ARK still owns a substantial amount of Coinbase shares even after the two sales. It is one of the largest shareholders in the US-based crypto exchange, having more than 10 million Coinbase shares in its portfolio.

SEC sued Ripple Labs back in 2020, arguing that the crypto-focused software company offering XRP tokens on public exchanges constitutes a sale of unregistered securities. However, U.S. District Judge Analisa Torres ruled in favor of Ripple Labs, saying the company didn’t violate any federal laws.

The outcome of the lawsuit had a positive effect on the crypto industry, with all major cryptocurrencies seeing a jump in value. The shares of publicly-trade crypto firms like Coinbase also benefited.

The post Cathie Wood’s ARK Invest Cashes in on Coinbase Stock Surge appeared first on theprimarymarket.com.

According to emailed transaction report seen by CoinDesk, Ark Invest bought more than 350,000 Coinbase shares, spending $20.6 million on the acquisition. This represented the biggest single-day investment in the crypto exchange Ark Invest made in 2023. Back in January, it obtained 333,637 shares in one purchase.

The investment management firm split the spending spree between its ARK Innovation exchange-traded fund (301,437 shares) and Next Generation Internet exchange-traded fund (52,525 shares)

With the latest purchase, Ark Invest has 9.9 million Coinbase shares, which are valued at $529.05 million based on Friday’s closing price. This means that the company now owns close to 4% of the U.S.-based crypto exchange. This is in line with Wood’s bullish stance on crypto and belief that Bitcoin is heading to the $1 million mark at some point in the future.

Coinbase stock saw an 8% slide on Friday alone, bringing its value to $53.44 per share. However, this still represents a 59.05% year-to-date jump.

The post Cathie Wood’s Ark Invest Buys $20.6 Million-Worth Coinbase Shares appeared first on theprimarymarket.com.

In an email update shared with investors, ARK announced it had sold 478,356 Coinbase shares. Considering that the COIN stock traded at around $105 per share on Friday, the investment fund raked in more than $50 million. This follows a previous sale of Coinbase shares that were worth approximately $12 million.

ARK still owns a substantial amount of Coinbase shares even after the two sales. It is one of the largest shareholders in the US-based crypto exchange, having more than 10 million Coinbase shares in its portfolio.

SEC sued Ripple Labs back in 2020, arguing that the crypto-focused software company offering XRP tokens on public exchanges constitutes a sale of unregistered securities. However, U.S. District Judge Analisa Torres ruled in favor of Ripple Labs, saying the company didn’t violate any federal laws.

The outcome of the lawsuit had a positive effect on the crypto industry, with all major cryptocurrencies seeing a jump in value. The shares of publicly-trade crypto firms like Coinbase also benefited.

The post Cathie Wood’s ARK Invest Cashes in on Coinbase Stock Surge appeared first on theprimarymarket.com.

According to emailed transaction report seen by CoinDesk, Ark Invest bought more than 350,000 Coinbase shares, spending $20.6 million on the acquisition. This represented the biggest single-day investment in the crypto exchange Ark Invest made in 2023. Back in January, it obtained 333,637 shares in one purchase.

The investment management firm split the spending spree between its ARK Innovation exchange-traded fund (301,437 shares) and Next Generation Internet exchange-traded fund (52,525 shares)

With the latest purchase, Ark Invest has 9.9 million Coinbase shares, which are valued at $529.05 million based on Friday’s closing price. This means that the company now owns close to 4% of the U.S.-based crypto exchange. This is in line with Wood’s bullish stance on crypto and belief that Bitcoin is heading to the $1 million mark at some point in the future.

Coinbase stock saw an 8% slide on Friday alone, bringing its value to $53.44 per share. However, this still represents a 59.05% year-to-date jump.

The post Cathie Wood’s Ark Invest Buys $20.6 Million-Worth Coinbase Shares appeared first on theprimarymarket.com.