Ark Invest Sells $25 mn Coinbase Shares
Amid a crypto market downturn, Cathie Wood’s fund, Ark Invest, has sold off Coinbase (COIN) shares worth millions. The firm sold 166,183 Coinbase shares worth over $25.3 million on January 2, while also purchasing Elon Musk’s Tesla (TSLA) shares. The ARK Innovation ETF sold 145,048 Coinbase shares, and the ARK Next Generation Internet ETF sold 21,135 COIN shares.
On January 2, Ark Invest sold 3,360 Coinbase shares worth over $580K and 23,606 Robinhood shares worth nearly $300K.
Cathie Wood is cautious on Bitcoin and crypto shares, as the SEC is likely to approve spot Bitcoin ETFs as of January 10. Ark Invest plans to continue offloading COIN shares as part of its active fund management strategy.
(With inputs from Shikha Singh)
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