Ark Invest Cuts Holdings in Coinbase
Cathie Wood’s Ark Investment Management LLC has reduced its holdings of Coinbase Global Inc. for the first time in nearly a year.
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Ark’s flagship Ark Innovation ETF sold 135,152 shares of the cryptocurrency exchange operator on Tuesday, marking the first sale of the stock since July 26.
Previously, Ark had been consistently purchasing Coinbase shares during price dips for almost 11 months, but it decided to reduce its stake. Despite being the fourth-largest holder of Coinbase, the decision to pare the stake could indicate to other investors the possibility of taking some profits following the stock’s rally this year.
The reduction in Ark’s stake in Coinbase coincided with a 9.8% rally in the stock, driven by optimism surrounding potential US approval of a Bitcoin ETF following a filing by the Chicago Board Options Exchange. Despite the reduction, Ark Investment Management LLC remains a significant holder of Coinbase.
Despite facing a lawsuit by the Securities and Exchange Commission (SEC), Coinbase, along with other cryptocurrency-related stocks, has experienced a significant surge this year. Coinbase’s value has risen by over 150% in line with this broader market rebound. This impressive growth comes after a substantial drop of 86% in the previous year.
For a more comprehensive look at Cathie Wood and the evolution of ARK Invest, explore our article.
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