On Friday, Cathie Wood’s ARK Invest sold almost $22 million worth of shares across three exchange-traded funds, further reducing its exposure to Coinbase. The sale came a day after Coinbase had another massive sell-off.
Shares of Coinbase’s Innovation, Next Generation Internet, and Fintech Innovation ETFs were sold by ARK. Coinbase’s stock increased considerably on Friday, finishing at $165, despite the selling, but it is still down a lot for the year.
Simultaneously, ARK raised its ownership in the digital asset platform Bullish. The company purchased more than 393,000 Bullish shares in the same ETFs for almost $10.7 million. Following the company’s significant quarterly loss, bullish shares rose during the day but are still down for the year.
ARK also adjusted its broader portfolio, adding select tech and healthcare stocks while cutting exposure to other high-growth companies, reflecting continued volatility in crypto-linked equities.
You need to login in order to Like
Leave a comment