Strap in your seatbelts and watch out for the profit parachute as our favorite financial femme fatale, Cathie Wood, swoops in for a bit of good ol’ profit-snagging action. A little birdie, in the form of a trade notification, whisked its way into Cointelegraph’s inbox to reveal that on July 11, ARK Offload (a division of Wood’s ARK Invest) dropped a cool 135,152 shares of Coinbase, fetching a tidy 12 million smackeroos. And this little stock-offloading extravaganza accounted for only 0.14% of the ARK Innovation ETF’s total holdings. Feel smaller than a Dogecoin? You’re not alone.
Coinbase stock has been climbing the money mountain like a green Sherpa these recent days. We’re talking levelling up from $82 to $90.9 on July 11 alone. Wood, with her hawk-like financial vision, saw the gap and swooped in, pulling the plug just in time for the stock to close at $89 on Tuesday.
The stats show Coinbase stock strutting its bullish stuff with a whopping 60% boost over the past month and a head-turning, neck-cracking increase of over 140% for the year to date.
Now, this isn’t the first time Aunty Cathie has played this game. In March, she put a ring on the lucrative finger of Coinbase shares, selling 160,887 of them from the ARK Fintech Innovation ETF for a cool $13.5 million, averaging $84 per share.
And let’s not forget the rest of Coinbase’s top brass who, like Wood, have been playing this particular financial foxtrot. CEO Brian Armstrong and other execs parted with a combined 88,058 shares worth around $6.9 million. Despite the legal side-eye from the United States Securities and Exchange Commission, fear of missing out has driven investors towards the blossoming BlackRock spot Bitcoin ETF, where Coinbase shines as a “surveillance-sharing” partner. With this game of stocks, seems like everyone is hungry for a piece of the crypto pie!