Ripple’s partial victory in court sent shares of Coinbase soaring to a 12-month high of $114.43 on July 14. Taking advantage of the price bump, Ark Invest funds, led by veteran investor Cathie Wood, partially divested holdings of Coinbase shares.
Trades viewed by CryptoSlate indicate that Ark Invest exchange-traded funds (ETFs) sold a total of 478,356 Coinbase shares, worth around $53 million on Friday. ARK Fintech Innovation ETF unloaded 121,882 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 shares, and the flagship ARK Innovation ETF sold 263,247 shares, trading data shows.
The latest divestment comes just three days after Ark Invest cashed in on $12 million worth of Coinbase shares. ARK Innovation ETF sold 135,152 Coinbase shares on July 11.
Coinbase shares slumped slightly to close just above $105 on Friday as investors cashed in on profits. The price of Coinbase shares rose 32% this week, while the year-to-date increase stood at 213.42% on Friday.
Ark Invest had bought Coinbase shares worth over $21 million last month, the same day the exchange was sued by the U.S. Securities and Exchange Commission (SEC).
What does the Ripple ruling have to do with Coinbase?
In the Ripple ruling, the judge indicated that XRP traded on secondary marketplaces are not securities. If cryptocurrencies traded on exchanges are not securities, it significantly weakens the SEC’s case against Coinbase.
In other words, the crypto community believes Coinbase could bag a win by citing the XRP ruling as a precedent to prove that the tokens traded on its platforms are not securities.
Cathie Wood bags Meta and Robinhood shares
Cathie Wood’s Ark Invest funds significantly increased their holdings of Meta and Robinhood shares on Friday. Ark Invest funds bought 280,959 shares of Robinhood and 82,353 shares of Meta.
The trading data shows that ARK Innovation ETF purchased 69,793 Meta shares worth over $21 million. ARK Fintech Innovation ETF bought 111,843 Robinhood shares worth around $1.4 million. Meanwhile, ARK Next Generation Internet ETF added 12,559 Meta shares and 169,116 Robinhood shares, worth $3.9 million and $2 million, respectively.
Meanwhile, Bloomberg reported on Friday that Ark Invest funds are seeing outflows despite the recent rallies.
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