Cathie Wood's Ark Offloads $12M Worth Of Bitcoin-Linked Stock Amid 10% Rally On CBOE Tie-Up
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, sold 135,152 shares of Coinbase Global, Inc. (NASDAQ:COIN) from its flagship Ark Innovation ETF (NASDAQ:ARKK), generating proceeds of $12.05 million. This sale occurred as Coinbase shares rallied 9.78% following an announcement of a surveillance-sharing agreement with CBOE's BZX Exchange for five of its Bitcoin ETFs.
July 12, 2023 | 6:42 am
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POSITIVE IMPACT
Coinbase shares were sold by Ark Invest, but the stock rallied due to a new agreement with CBOE's BZX Exchange.
Despite the sale of shares by Ark Invest, Coinbase's stock price rallied due to the announcement of a surveillance-sharing agreement with CBOE's BZX Exchange. This positive news could outweigh the impact of the sale by Ark Invest in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Ark Innovation ETF sold a significant number of Coinbase shares, potentially affecting its portfolio balance.
The sale of Coinbase shares by ARKK could impact the balance of its portfolio. However, the overall impact on the ETF's performance is uncertain as it depends on the performance of other holdings and market conditions.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80