Skyrocketing, Cathie Wood Quickly Sells 135K COIN Shares!

<p>&nbsp;"Whoever buys COIN shares must make a profit, right? The price has gone up a lot."</p><p><br /></p><p>Strong supporter of Bitcoin (BTC) cryptocurrency, Cathie Wood who is also the founder of investment management company Ark Invest has sold a small part of her Coinbase (COIN) shares to take some profit.</p><p><br /></p><p>It was reported that Ark Invest sold 135,152 shares of COIN worth $12 million from its exchange traded fund (ETF) called ARK Innovation ETF on July 11, 2023.</p><p><br /></p><p>The sell-off has come as COIN has surged sharply, with its price surging past $90 from $82 in the past two days and it closed at $89 shortly after Wood sold the shares.</p><p><br /></p><p><br /></p><p>Through observation, COIN stock has climbed more than 60% over the past month and has increased year-to-date by 140%.</p><p><br /></p><p>Please note that it is Wood's second sale this year following Ark Invest on March 21, 2023 was found to have sold around 160,887 COINs priced at $84 per share from the Ark Fintech Innovation ETF for a profit of $13.5 million.</p><p><br /></p><p>Wood, who is actively collecting as much COIN as possible for Ark Invest, bought about $40 million of the shares in June 2023 and then collected over $33 million in COIN in April and May and $117 million in March.</p><p><br /></p><p>In addition to Wood, Coinbase Chief Executive Officer (CEO) Brian Armstrong and several other senior executives also sold a total of 88,058 COINs worth $6.9 million as the price rose in recent months.</p><p><br /></p><p>Despite Coinbase being subject to legal action by the Securities and Exchange Commission (SEC) of the United States (US), the exchange's shares managed to see gains amid the BTC ETF spot filing issue.</p>