Cathie Wood’s Ark Invest Continues to Sell Coinbase Shares as Stock Rallies
Ark Invest, led by Cathie Wood, sold more Coinbase shares on Friday as the stock continued to rally following recent rulings in the SEC’s case against Ripple. The sales were made by Ark’s flagship fund, Ark Innovation ETF, as well as its Ark Next Generation Internet ETF and Ark Fintech Innovation ETF. In total, the sales amounted to $50.37 million.
Key Points:
- Ark Invest sold 263,247 shares of Coinbase through its flagship fund.
- Ark Next Generation Internet ETF sold 93,227 shares.
- Ark Fintech Innovation ETF sold 121,882 shares.
- The sales were worth $50.37 million based on the stock’s closing price of $105.
- Ark Invest had previously sold $12 million worth of Coinbase shares earlier in the week.
Despite the sales, Ark Invest still holds a 6.30% stake in Coinbase, making it the second-largest owner of the shares. Coinbase’s stock has seen a significant increase of nearly 200% this year, even amidst an ongoing lawsuit by the SEC. This growth reflects the positive sentiment surrounding crypto-related stocks, especially with recent developments related to XRP’s legal status.
Hot Take:
Cathie Wood’s Ark Invest continues to navigate the volatile crypto market, strategically selling off Coinbase shares while still maintaining a significant stake. This move indicates Ark’s confidence in the overall upward trend of the industry, despite regulatory challenges. As the crypto space evolves, it will be interesting to see how Ark Invest adapts its investment strategies and capitalizes on new opportunities.
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