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Cathie Wood-led ARK Investment Management sold a whopping $13.5 million stake in cryptocurrency exchange platform Coinbase Global Inc (NASDAQ:COIN) on Tuesday. ARK sold over 160,000 shares of the company on a day when its stock rose over 11%. The sale was done via the ARK Fintech Innovation ETF (NYSE:ARKF). Coinbase is the top holding of the fund according to the latest data available on the website.
The offload comes just about twelve days after ARK had made a whopping $20.5 million purchase in the stock using different funds. The purchases then were conducted via the flagship ARK Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW).
Also Read: How To Buy Coinbase (COIN) Stock
Coinbase on Tuesday made some interesting announcements regarding its Brazil foray. The company stated it has simplified the process to top up and withdraw money from a Coinbase account in Brazil using the real.
Price Action: Shares of the company have risen over 149% since the beginning of the year led by a resurgence in crypto trading. Bitcoin (CRYPTO: BTC) is up over 59% while Ethereum (CRYPTO: ETH) has gained over 49% during the period.
Meanwhile, U.S. Supreme Court justices on Tuesday seemed to be divided over a bid by Coinbase to halt customer lawsuits as the company pursues an effort to shift the disputes out of courts and into private arbitration, a Reuters report said.
Major Buy: ARK also bought shares of financial software maker Intuit Inc. (NASDAQ:INTU) on Tuesday at an estimated valuation of over $13.5 million based on the day's closing price.
