Cathie Wood’s flagship fund made its first sale of Coinbase Global stock in nearly a year on Tuesday, after a meteoric rise for the under-fire cryptocurrency exchange.
Wood’s flagship Ark Innovation fund
ARKK,
sold about $12 million worth of Coinbase
COIN,
according to its daily disclosure, on a day the stock surged nearly 10%. Coinbase is the number-two holding of the fund, at just over 8% weighting, behind only Tesla
TSLA,
Coinbase shares have surged 152% this year, piggybacking off the rally in bitcoin
BTCUSD,
as well as the possibility the company may play a role in several of the spot bitcoin exchange traded funds seeking Securities and Exchange Commission approval.
Coinbase is facing an SEC lawsuit for allegedly offering unregistered securities.
Coinbase executives including CEO Brian Armstrong this month sold about $7 million worth of stock in their company.
This story originally appeared on Marketwatch
