Cathie Wood’s Ark Invest Sells Off $12 Million Worth of Coinbase Shares
– ARK Innovation ETF, managed by Cathie Wood’s investment firm Ark Invest, has sold 135,152 Coinbase shares worth over $12 million.
– This is the second time Ark Invest has sold off Coinbase shares in 2022.
– The firm purchased 419,324 Coinbase shares in June following a stock decline caused by a lawsuit from the SEC.
– The latest selloff occurred after Coinbase entered a surveillance-sharing agreement with companies applying for a bitcoin ETF.
– Ark Invest continues to actively manage its portfolio and make strategic moves in the cryptocurrency market.
Hot Take
Ark Invest’s decision to sell off some of its Coinbase shares shows their willingness to take advantage of price surges and manage their portfolio strategically. Despite the selloff, it’s clear that Ark Invest remains actively involved in the cryptocurrency market, as evidenced by their previous purchases and ongoing monitoring of industry developments. This move highlights the dynamic nature of cryptocurrency investments and the importance of staying informed and adapting to market trends.
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