ARK Invest Is Taking Profits From Coinbase Investment, Says Cathie Wood

TL;DR

• Ark Invest is reducing its positions in Coinbase following its numerous investments over the past few months.

• Cathie Wood said the investment management firm is taking profits from its earlier investments.

ARK Invest Is Taking Profits

Cathie Wood’s ARK Invest has been selling some of its Coinbase shares after the stock price closed at $105.55 on Monday. COIN is now trading just below its one-year high of $107. 

According to Cathie Wood, ARK Invest’s growth-focused fund sold 248,838 of COIN, worth just over $26 million, based on Monday’s closing price.

This latest development comes after ARK Invest sold $12 million worth of Coinbase’s shares last week. 

The firm revealed that it sold 480,000 COIN shares across three funds, worth $50.5 million based on the day’s closing prices. 

During an interview with Bloomberg, Wood said;

“We’re very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC. We’re simply taking profits and reallocating the capital to some laggards.”

Wood also recently revealed that ARK had reduced its stake in Twitter by 47% since Elon Musk acquired the company and took it private in 2022. 

Wood recently said that ARK has written down its stake in Twitter by 47% since Elon Musk took it private last year.

Coinbase’s COIN is up by more than 150% since the start of the year, thanks to Bitcoin and other cryptocurrencies rallying during that period. COIN began the year trading just around $40 as the bear market affected Coinbase’s performance. At press time, COIN is trading at $105.55 per share.