Ripple’s partial victory in court sent Coinbase shares soaring to a 12-month high of $114.43 on July 14. Taking advantage of the rising prices, Ark Invest funds, led by veteran investor Cathie Wood, partly divested Coinbase shares.

Trades seen by CryptoSlate indicate that Ark Invest exchange-traded funds (ETFs) sold a total of 478,356 Coinbase shares, worth around $53 million on Friday. The ARK Fintech Innovation ETF dumped 121,882 shares of Coinbase, the ARK Next Generation Internet ETF sold 93,227 shares, and the flagship ARK Innovation ETF sold 263,247 shares, trade data shows.

The latest divestment comes just three days after Ark Invest cashed in $12 million worth of Coinbase shares. ARK Innovation ETF sold 135,152 Coinbase shares on July 11.

Coinbase shares fell slightly to close just above $105 on Friday as investors cashed in the gains. Coinbase stock price is up 32% this week, while its year-to-date rise was 213.42% on Friday.

Ark Invest had bought over $21 million worth of Coinbase shares last month, the same day the US Securities and Exchange Commission (SEC) sued the exchange.

What does Ripple’s ruling have to do with Coinbase?

In Ripple’s ruling, the judge stated that XRP traded on secondary markets are not securities. If exchange-traded cryptocurrencies are not securities, it significantly weakens the SEC’s case against Coinbase.

In other words, the crypto community believes that Coinbase could score a victory by citing the XRP ruling as a precedent to prove that tokens traded on its platforms are not securities.

Cathie Wood pulls shares from Meta and Robinhood

Cathie Wood’s Ark Invest funds significantly increased their holdings of Meta and Robinhood shares on Friday. The Ark Invest funds bought 280,959 shares of Robinhood and 82,353 shares of Meta.

Trading data shows that ARK Innovation ETF bought 69,793 shares of Meta worth more than $21 million. ARK Fintech Innovation ETF bought 111,843 Robinhood shares worth around $1.4 million. Meanwhile, the ARK Next Generation Internet ETF added 12,559 Meta shares and 169,116 Robinhood shares, worth $3.9 million and $2 million, respectively.

Meanwhile, Bloomberg reported on Friday that Ark Invest funds are seeing outflows despite recent rallies.

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