Funds managed by ARK Invest liquidated a total of $53 million in positions in crypto exchange Coinbase shares following shares price growth as a result of the court decision on the SEC's lawsuit against Ripple.
In particular, the funds of Catherine Wood's company made the following sales: the ARK Innovation fund sold 263,247 shares, the ARK Next Generation ETF 93,227 shares and the ARK Fintech Innovation TF disposed of 35,666 shares.
Last June 13, the Southern District of New York court concluded programmatic sales and other distributions of the Ripple XRP token do not constitute an offering or the implementation of investment contracts. The case has been pending since December 2020.
Last June 11, ARK Invest funds sold 135,152 Coinbase shares valued at $13.4 million.