Exciting changes were observed at Ark Invest, which recently sold 478,356 Coinbase shares on Friday when the crypto exchange’s stock prices soared to a 52-week high. This amounted to a significant liquidation worth $53 million. Only a week prior, the investment firm sold another bunch of Coinbase shares, amounting to 135,152 units worth $12 million. Yet, one cannot merely see this as a simple abandonment – Ark Invest still holds its position as the second-largest owner of Coinbase shares with an impressive 6.30% stake.
While the selling-off is noteworthy, eyes are drawn towards where the Ark is heading next. The funds generated from selling Coinbase shares are being channeled towards two new ventures, namely Meta Platforms and Robinhood. Ark Invest is setting up a noteworthy stake in Meta Platforms, especially after the launch of their microblogging platform, Threads. On Friday, the investment firm purchased 69,793 Meta shares, worth over an enticing $21 million. Their interest in Robinhood isn’t waning either, with their ARK Fintech Innovation ETF purchasing 111,843 Robinhood shares, an investment sum of $1.3 million.
However, observers recently noticed an unexpected rise in Coinbase’s stock prices. The crypto exchange stock prices rallied after a US court ruled in favor of Ripple in a controversial lawsuit. Judge Torres stated that selling XRP on exchanges cannot be considered as part of an investment contract. This new development has not only lifted the spirits of the crypto market, but it has also opened the doors of hope for Coinbase to successfully navigate their courtroom conflict with the US SEC. Consequently, many investors are enjoying the fruits of the latest legal victory as the price of XRP skyrocketed by almost 70%.
Coinbase, being the leading US-based exchange has basked in the positive market reactions, with a stock price surge that cannot be overlooked. COIN, their stock, went up by roughly 25% following the court ruling, closing at $105 on Friday. Seen from a year-to-date perspective, COIN is also rearing its bullish head with an astronomical 213% increase.
Coincidently, Prior to the critical lawsuit in favor of Ripple, Coinbase shares had already been on the upswing. They received recognition as a surveillance-sharing partner for several spot bitcoin ETF applicants in the US, including the industry heavyweights BlackRock and Fidelity.
Source: Cryptonews
