Cathie Wood Sells Portion of Coinbase Shares Capitalizing 12% Price Surge
- Cathie Wood sold 160,887 shares of Coinbase held in the Ark Fintech Innovation ETF.
- On Tuesday Coinbase shares witnessed an 11.78% surge in price to $83.99.
Shares in Coinbase (COIN) are being sold by Cathie Wood’s investment management company, Ark Invest, for the first time since July of last year. Cathie Wood claimed in October that Bitcoin will reach $1 million by 2030, prompting Ark Invest to begin a big purchasing frenzy of Coinbase shares. Concerns have been voiced in the crypto industry about the recent selling of Coinbase shares in front of Wednesday’s most important rate rise decision by the U.S. Federal Reserve.
Cathie Wood’s Ark Invest sold 160,887 shares of Coinbase held in the Ark Fintech Innovation ETF (ARKF) on March 22. Despite Tuesday’s 11.78% surge in price to $83.99, Coinbase (COIN) shares were sold off for unknown reasons.
Adding Block and Tesla Shares
Unlike the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), which are stocking up on Coinbase shares, the selling came from the Ark Fintech Innovation ETF (ARKF). Investors will be watching to see whether the other two funds have similar plans for their Coinbase holdings.
Two of Cathie Wood’s Ark Invest funds, ARKK and ARKW, kept up their purchasing in March, while ARKF had been a buyer of Coinbase shares as recently as January. On March 10, Ark Invest, led by Cathie Wood, bought 103,129 Coinbase shares for its ARK Innovation ETF (ARKK) and 16,300 Coinbase shares for its ARK Next Generation Internet ETF (ARKW). It’s worth noting that Cathie Wood bought COIN shares when they were selling for less than $60.
In the meanwhile, Ark Invest has been adding to its holdings in Block Inc. and Tesla. In addition, Ark Invest has purchased Microsoft stock in the wake of the recent ChatGPT frenzy.
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