Cathie Wood’s ARK ETFs sold $50 million worth of Coinbase stock

The sales come after the stock rocketed a record 24.5% on Thursday, the biggest one-day gain since Coinbase went public in April 2021, after a court ruling involving cryptocurrency tokens was viewed as helping the company in its case against securities regulators.

On Friday, Coinbase’s stock pulled back 1.6%. It was still up 47.2% so far in July, and has run up 197.6% year to date. In comparison, bitcoin

BTCUSD

has rallied 82.5% this year and the S&P 500 index

SPX

has advanced 17.3%.

Also read: Coinbase stock explodes higher as enthusiasm builds for spot bitcoin ETFs.

Here were the ARK ETF’s Coinbase stock sales on Friday, with the value of the stock sold as of Friday’s closing price in parentheses:

• ARK Innovation ETF
  
  ARKK
  

  sold 263,247 shares ($27.72 million)

• ARK Net Generation Internet ETF
  
  ARKW
  

  sold 93,227 shares ($9.82 million)

• ARK Fintech Innovation ETF
  
  ARKF
  

  sold 121,882 shares ($12.84 million)

In total, the ETFs sold 478,356 shares valued at $50.38 million.

Earlier this week, the Innovation ETF made its first sale of Coinbase stock in nearly a year, when it sold about $12 million worth of shares.

Meanwhile, Coinbase remains the top holding of the Next Generation Internet and Fintech Innovation ETFs and the second biggest holding of the Innovation ETF.

Cathie Wood, who is chief executive officer of ARK Investment Management LLC, which had $15.1 billion in equity holdings as of the end of June, has not been shy with her support for cryptocurrencies. She is currently pushing, with asset manager 21Shares, to launch a bitcoin ETF, as are other asset managers such as BlackRock Inc.

BLK

Among other trades made by ARK ETFs were purchases of about $3.5 million worth of shares of trading app Robinhood Markets Inc.

HOOD

and social-media giant Meta Platforms Inc. shares

META

valued at $25.4 million.