Cathie Wood’s ARK Invest Selling More Coinbase Shares
Cathie Wood’s ARK Invest is selling additional shares of Coinbase, the popular cryptocurrency exchange. This comes after the stock closed near its one-year high, further solidifying ARK’s decision to offload its holdings. The trade disclosure reveals that ARK has sold 248,838 shares of COIN, valued at over $26 million. This is in addition to the 480,000 shares sold previously, totaling $50.5 million. Wood has expressed optimism about Coinbase, especially after the recent court ruling in favor of Ripple against the SEC. Despite this, ARK is taking profits and reallocating capital to other investments. Wood has also mentioned a significant write-down in ARK’s stake in Twitter since Elon Musk’s privatization of the company.
Key Points:
- Cathie Wood’s ARK Invest is selling more shares of Coinbase
- ARK has offloaded 248,838 shares of COIN, worth over $26 million
- Previous sales totaled 480,000 shares, equating to $50.5 million
- Wood remains positive about Coinbase despite selling off shares
- ARK is reallocating capital to other investments
Hot Take:
Cathie Wood’s ARK Invest continues to demonstrate its strategic decision-making by selling off Coinbase shares at opportune moments. While Wood remains optimistic about Coinbase’s potential, she is capitalizing on its current success to reallocate funds to other investments. This highlights Wood’s ability to adapt and make informed decisions in the highly volatile cryptocurrency market.
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