Ark Invest sells $12.5 million in Coinbase shares as stock hits all-time closing high

Cathie Wood's Ark Invest offloaded $12.5 million worth of Coinbase Global Inc. shares and $12.3 million worth of Block Inc. shares from one of its exchange-traded funds on Thursday, as Coinbase ended the day with a new all-time closing high.The Ark Innovation ETF (ARKK) sold 33,363 Coinbase shares and 189,649 Block shares, according to its latest trade filing.Coinbase's stock closed up 5.54% at $375.07 on Thursday, rising 27.02% over the past five days and 51.06% year-to-date, Yahoo Finance data shows. Block Inc. shares edged up 0.46% to $65.11 yesterday, but are down 23.39% since the beginning of the year.The strong performance of Coinbase's stock comes amid a more positive landscape in the U.S., with the Senate recently passing the key GENIUS stablecoin bill and advancing it to the House. Meanwhile, Circle, the issuer of USDC stablecoin, closed up 7.56% on Thursday, resuming its stock rally following a brief pullback earlier this week.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.