Cathie Wood’s Ark Invest has scaled back its exposure to Coinbase, selling over $52 million in company shares over two consecutive days last week.

The decision came as Coinbase stock soared to a new all-time high, driven by bullish sentiment and growing institutional interest in crypto-linked equities.

Coinbase Leads S&P in June but Ark Invest Reduces Exposure

Trading data indicates that Ark sold roughly $12.5 million worth of Coinbase shares on June 26, followed by a larger $40 million sale the next day. The stock rallied during that period, reaching an intraday high of $382 before closing the week at $353.

Overall, Coinbase has climbed 32% in the past month and is up over 42% year-to-date. This makes it the best-performing stock in the S&P 500 for June.

Market analysts attribute this rally to multiple factors such as improved regulatory clarity and continued product expansion.

A major boost came last week when the US Senate passed the GENIUS stablecoin bill, which is now awaiting a vote in the House.

If enacted, the bill could bring long-awaited guidelines for the digital asset sector, potentially lifting investor confidence in crypto-focused firms.

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