Cathie Wood-LED ARK Investment Management sold a whopping $13.5 million stake in a cryptocurrency exchange platform Coinbase Global Inc COIN on Tuesday. ARK sold over 160,000 shares of the company in a day that saw the stock surge over 11%. The sale was made through ARK Fintech Innovation ETF ARKF. Coinbase is the fund’s top holding, according to the latest data available on the site.
The outsourcing comes only about twelve days after ARK made one whopping $20.5 million buying the stock through various means. Purchases were then processed through the flagship ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.
Also read: How to buy Coinbase (COIN) shares
Coinbase made some interesting announcements regarding its push into Brazil on Tuesday. The company said it simplified the process of topping up and withdrawing funds from a Coinbase account in Brazil with Real.
Price promotion: The company’s shares are up over 149% year-to-date, led by a resurgence in crypto trading. Bitcoin BTC/USD has meanwhile increased by over 59% ether ETH/USD has increased by over 49% during this period.
Meanwhile, U.S. Supreme Court justices on Tuesday seemed at odds over an offer by Coinbase to drop customer lawsuits as the company seeks to move disputes out of the courts and into private arbitration, according to a report by Reuters.
Main purchase: ARK also bought shares in the financial software maker Intuit Inc. INTU on Tuesday at an estimated valuation of over $13.5 million based on the day’s closing price.
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