Cathie Wood’s Ark Invest Sells $13.5 Million Worth of Coinbase Shares
Cathie Wood’s investment firm, Ark Invest, sold an additional 80,118 shares of Coinbase, valued at $13.5 million, from two of its funds. This comes as Coinbase’s stock price continues to surge in December. The Innovation ETF sold 68,769 shares worth $11.6 million, while the Next Generation Internet ETF sold 11,349 shares worth $1.9 million.
Ark Invest’s Continued Rebalancing Amidst Coinbase’s Price Surge
Ark Invest has been rebalancing its fund weightings due to the significant increase in Coinbase’s price over the past month. Coinbase shares have gained over 60% during this period and closed at $168.03 yesterday, up 3.8% for the day. Although the stock has seen a year-to-date increase of more than 360%, it is still trading 51% below its all-time high in November 2021.
Approval from France’s Markets Regulator
Coinbase received approval from France’s markets regulator, AMF, granting them a virtual asset service provider license. This license allows Coinbase to offer services such as custody of digital assets and trading of digital assets against other digital assets in legal tender within the country.
Hot Take: Cathie Wood Continues to Trim Coinbase Holdings
Cathie Wood’s Ark Invest has sold approximately $210.5 million worth of Coinbase shares this month alone as the stock continues its December surge. Despite the significant gains in Coinbase’s price over the past month and year-to-date, Ark Invest is rebalancing its fund weightings by reducing its exposure to the cryptocurrency exchange. This move suggests that Ark Invest may be reallocating its funds to other investment opportunities within the crypto market.
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