Ark Invest, the investment firm led by Cathie Wood, has sold another 248,838 shares of cryptocurrency exchange Coinbase, worth approximately $26.3 million, following the positive ruling in the Ripple lawsuit.
Ark Invest Continues to Sell Coinbase Shares
The firm's flagship fund, Ark Innovation ETF (ARKK), has sold 127,266 Coinbase shares, according to an update from Ark's trading desk on Monday.
In addition, Ark Next Generation Internet ETF (ARKW) sold 44,784 shares and Ark Fintech Innovation ETF (ARKF) sold 76,788 shares.
These sales mark the third time that Ark has sold Coinbase shares in recent days, after accumulating its position for nearly a year.
Ark Invest CEO and CIO Cathie Wood said they remained positive about Coinbase, noting that the firm was “only making profits and reallocating capital to some laggards.”
Wood also highlighted the recent court ruling in the Ripple case against the Securities and Exchange Commission (SEC) as a contributing factor to their positive outlook towards Coinbase.
The decision in favor of Ripple stated that the XRP token is not a security when sold on the secondary market, but is a security when sold to institutional investors.
This decision is seen as positive for Coinbase as it could affect the SEC's classification of the 13 actively traded tokens on the platform that are allegedly securities in the SEC's lawsuit against Coinbase last month.
It is not investment advice.