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.