Cathie Wood’s ARK Invest sells Coinbase stock for the first time this year

The Securities and Exchange Commission probe into Coinbase Global seems to have rattled long-time backer Cathie Wood, as the tech investor sold 1.4 million shares of the cryptocurrency exchange operator on Tuesday, including 1.1 million in the flagship Ark Innovation ETF . That was the first sale of stock in Coinbase this year, and the estimated cost average for Coinbase in ARKK was $254.65, according to the Cathie’s Ark website. Both the SEC and Justice Department charged a Coinbase employee with insider trading, while the SEC also said that some of the tokens listed on Coinbase were unregistered securities. Coinbase has denied that claim. Coinbase shares rose 4% to $55.17 in premarket trade.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.