Cathie Wood’s Ark sells $2.7M Coinbase shares as BTC fails $70K retest

ARK Invest — one of 10 issuers of spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States — is taking profits from its Coinbase stash amid BTC’s failure to retest $70,000.

Cathie Wood’s crypto investment firm ARK has resumed selling Coinbase (COIN) stock, with its ARK Next Generation Internet ETF (ARKW) offloading 12,077 COIN shares on July 31, according to trade notification seen by Cointelegraph.

According to data from TradingView, the amount was worth $2.7 million at the time of the sale, with COIN closing at $224 on July 31.

ARK has not sold significant amounts of COIN since May 2024

ARK’s latest Coinbase dump follows ARKW’s recent sale of 16,758 COIN shares on July 19. At the time of the sale, the transaction netted $4.3 million, with COIN trading at around $257.

Before the two most recent Coinbase sales, ARK was somewhat shy about selling the stock, with its funds only offloading relatively small amounts of COIN.

For example, ARK offloaded 1,895 COIN shares from its ARK Fintech Innovation ETF on July 15, worth around $477,000. The rest of ARK’s Coinbase sales this summer didn’t exceed 4,000 COIN shares per sale, according to its trade data seen by Cointelegraph.

The most recent significant Coinbase sale by ARK took place on May 8, when the company dumped a total of 41,964 COIN shares at cost of $210 per share.

The offloaded amount is still far from ARK’s massive Coinbase sales in March 2024. ARK’s biggest Coinbase sale took place on March 11, with its three funds dumping 270,365 COIN shares.

ARK’s Coinbase sales came amid BTC failing to hit $70,000

As a major cryptocurrency-related stock in the United States, COIN has been closely following the Bitcoin price, essentially reflecting the state of the market.

Coinbase and Bitcoin see very similar returns over the past year, surging 134% and 123% over the period, respectively, according to data from TradingView and CoinGecko.

ARK’s most recent Coinbase sales came amid Bitcoin failing to reach $70,000 in its latest rally attempt, with BTC only breaking out above $68,000 on July 27.

ARK’s previous massive selling of the Coinbase stock occurred when Bitcoin traded around all-time highs at above $70,000 in March. As previously mentioned, Bitcoin reached its record high of $73,600 on March 13 amid mARKet euphoria associated with the launch of spot Bitcoin exchange-traded funds in the US in January 2024.