Giant Investment Company Started Selling Coinbase Shares It Has Collected For The First Time!

Cathie Wood’s Ark Investment Management company collected for almost a year. coinbase began selling its shares for the first time on Tuesday. Ark Innovation ETF on Tuesday 135,152 sold 1 unit of Coinbase shares.

Wood’s Firm Has Been Buying Coinbase Shares In The Drops Since July 2022

Wood’s flagship Ark Innovation ETF on Tuesday sold 135,152 shares of the cryptocurrency exchange operator, its first since July 26, according to data from Ark Investment Management LLC.

Ark is Coinbase’s fourth-largest owner and had been buying stocks in price drops for about 11 months until June.

U.S. regulatory pressure on the industry continued to increase its stake during the crypto market volatility triggered by issues like the collapse of Sam Bankman-Fried’s empire and a string of bankruptcies.

Ark slashed its stake in Coinbase on a day when the stock rose 9.8% after a Chicago Board Options Exchange filing added to the optimism about the potential US approval of a Bitcoin ETF.

While Wood’s fund remains a major shareholder, his reduction in stake could signal to other investors the possibility of some profit after the stock’s rally this year.

Although Coinbase is facing a lawsuit by the Securities and Exchange Commission, it has risen more than 150% this year in line with a wider jump in cryptocurrency-linked stocks. It had lost 86% of its value last year.

Wood’s flagship fund is up 51% this year, compared to 38% in the Nasdaq 100 and 16% in the S&P 500. The Ark Innovation ETF, on the other hand, fell 67% last year.

*Not investment advice.