Cathie Wood’s ARK Sells More Coinbase Stock Amid Bitcoin Surge
ARK Invest, the asset management firm led by prominent Bitcoin (BTC) advocate Cathie Wood, has sold a significant amount of Coinbase stock ahead of the crypto exchange’s impressive earnings report.
According to a filing on Thursday, ARK Invest sold $34.3 million worth of Coinbase shares from three of its funds, including ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW).
The move marks the first time since January 11 that ARK Invest has divested some of its Coinbase holdings.
The sale coincided with a surge in Coinbase’s stock price, which rose 11% in after-hours trading following the release of the company’s earnings report.
Cathie Wood and Ark Invest's trade activity from today 2/14 pic.twitter.com/HcGkLKtmAT
— Ark Invest Daily (@ArkkDaily) February 15, 2024
ARK Invest is currently the second-largest holder of Coinbase stock.
The company has made several significant sales of Coinbase shares in recent months
In Dember last year, Ark Invest sold $49.2 million worth of Coinbase shares, marking one of its largest sales since July, when it offloaded 480,000 shares valued at $50.5 million.
On a separate occasion, Ark Invest sold 160,887 shares of Coinbase, valued at $13.5 million, in March last year.
The company has also resumed its selling spree this year.
In January, the firm sold 166,183 shares worth $25.3 million.
Cathie Wood, known for her bullish stance on Bitcoin and other cryptocurrencies, has been a prominent figure in the crypto space.
Her firm’s decision to sell Coinbase shares might raise eyebrows among investors, considering the positive earnings report and the recent surge in Bitcoin’s price.
However, it’s important to note that ARK Invest has a dynamic investment
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