Cathie Wood Says ARK Is ‘Taking Profits’ as It Sells $26M COIN
The sale comes a day after ARK sold $50.5 million of the crypto exchange’s stock.
Jul 18, 2023 at 1:58 a.m. UTC
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Cathie Wood’s ARK Invest is offloading more Coinbase shares after the stock closed Monday at $105.55, just shy of its one-year high of $107.
A trade disclosure sent out by the growth-focused fund shows that it offloaded 248,838 of COIN, worth just over $26 million, based on Monday’s closing price.
ARK has been selling off its holdings of COIN as the stock continues to perform well. On July 14, it disclosed it had sold 480,000 COIN shares across three funds, worth $50.5 million based on the day’s closing prices. The previous week it sold $12 million as the stock rallied.
“We’re very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC,” Wood recently said on Bloomberg Daybreak Asia. “We’re simply taking profits and reallocating the capital to some laggards.”
Wood recently said that ARK has written down its stake in Twitter by 47% since Elon Musk took it private last year.
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