Cathy Wood is offering $12 million in Coinbase shares

Cathie Wood’s Ark Innovation exchange-trading fund (ETF) sold 135,152 shares of Coinbase yesterday, despite optimism surrounding Coinbase’s blockchain base and ETF arrangements.

The ETF was the fourth largest holder of Coinbase shares and bought several dips in the past year.

Wood Sells Coin Despite Major Coinbase Partnerships

Coinbase stock is up 150% this year, while the ETF is up 51%. In addition, COIN outperformed the Nasdaq 100, which gained 38%, and the S&P 500, which grew by 16%.

Currency/usd daily chart | source: TradingView

Shares rose on the largest US stock exchange after five investment firms chose Coinbase as a market watch partner for their ETFs. Last month, investment giant BlackRock said it would share market surveillance with Coinbase in its ETF filing with the SEC.

Last year, the Innovation Fund tracked Coinbase is downward trending, down 67% over 2022.

Coinbase is fighting the US Securities and Exchange Commission (SEC) over accusations that it operated an unregistered broker. The exchange filed a proposal this week, arguing that the SEC cannot act as a designated cryptocurrency regulator without congressional approval. A pre-motion hearing will take place Thursday, with the SEC indicating it will oppose the motion.

Bullish Outlook Positions on Blockchain Base

Regardless, the exchange has boosted revenue with its subscription service and institutional ETH betting after the collapse of several crypto firms halting trading activity. The bullish outlook is centered around the Coinbase Base blockchain that was built using the OP’s stack of optimism. Optimism is a so-called Layer 2 network designed to scale Ethereum transactions.

In its first week, Base hired 18,000 developers who deployed 55,000 smart contracts, the building blocks of decentralized applications. In March, the blockchain was rumored to be working on decentralized protocols Uniswap and Aave. Uniswap, a decentralized exchange, currently has $4.045 billion in total value locked, according to DefiLlama.

Read our guide to using DefiLlama here.

The bearish forecast comes from recent data showing that Coinbase has lost trading market share to rivals Kraken and Bitstamp this year. A panel of 23 CNN Money experts Expect Coinbase’s average share price could drop 31% to around $61 in the next 12 months.

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