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Cathie Wood's ARK Invest sold approximately $60 million in crypto-linked equities during a weekly rally that lifted Coinbase shares, days before the Securities and Exchange Commission announced a new innovation exemption for tokenized assets.
The portfolio reduction included positions in Circle, Coinbase, Bitmine, and Bullish, as well as a portion of ARK's spot bitcoin exchange-traded fund. The regulatory development arrived four days after the sales.
The SEC's five-year Innovation Exemption permits platforms to trade tokenized U.S. equities without undergoing full exchange registration, a structural change that Coinbase has long sought.
The announcement coincided with a sharp rise in Coinbase stock, which closed at $194.25 on September 18.
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