Cathie Wood’s asset tech-focused investment firm ARK Invest has sold nearly $4 million in Coinbase stock (NASDAQ: COIN)—one of the biggest crypto-related equities—as Bitcoin and the rest of the crypto market take a hit after a period of massive gains.
ARK’s Ark Fintech Innovation ETF (ARKF) offloaded 13,780 COIN shares worth $3.9 million, data from Wednesday shows.
COIN is now priced at $274 per share—a 2% dip over the day. Over five days, it has fallen by 13%.
Wood’s investment firm is one of the biggest investors in Coinbase, America’s largest crypto exchange that went public in 2021. ARK Invest is heavily involved in tech stocks and companies related to the AI and crypto space. The firm still holds over 2.45 million shares in COIN, valued at $672 million.
This isn’t the first time that ARK has dumped COIN shares while rebalancing its portfolio, sometimes making sizable sales—such as offloading nearly $52 million worth in one batch in March.
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Author: Mathew Di Salvo
