Cathie Wood-led ARK Investment Management sold a whopping $13.5 million stake in cryptocurrency exchange platform $Coinbase (COIN.US)$ 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 $ARK ETFs (BK2551.US)$. 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 $ARK Innovation ETF (ARKK.US)$ and the $ARK Next Generation Internet ETF (ARKW.US)$.
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 $Intuit (INTU.US)$ on Tuesday at an estimated valuation of over $13.5 million based on the day's closing price.