Cathie Wood’s Ark Invest Now Cuts Coinbase Shares After Stock Rallied 9.8%
Key Points:
- Cathie Wood’s Ark Investment Management LLC reduced its holding of Coinbase Global Inc. for the first time in almost a year, signaling potential profit-booking.
- Ark had been buying the stock on price dips for almost 11 months until June and continued to build on its stake during crypto-market volatility.
- Despite facing a lawsuit by the SEC, Coinbase has risen more than 150% this year, in line with a broader bounce by cryptocurrency-linked stocks.
Ark Investment Management LLC, led by Cathie Wood, has reduced its holding of Coinbase Global Inc. for the first time in almost a year. The decision to pare its stake signals the potential for profit-booking after the stock’s rally this year.
Cathie Wood’s Ark Investment Management LLC has reduced its holding of Coinbase Global Inc. for the first time in almost a year. The flagship Ark Innovation ETF sold 135,152 shares of the cryptocurrency exchange operator on Tuesday, marking its first sale of the stock since July 26, according to Ark Investment Management LLC data compiled by Bloomberg.
Ark had been buying the stock on price dips for almost 11 months until June, and continued to build on its stake during crypto-market volatility triggered by issues including a US regulatory crackdown on the industry, the collapse of Sam Bankman-Fried’s empire, and a spate of bankruptcies.
Ark pared its stake in Coinbase on a day that the stock rallied 9.8% after a Chicago Board Options Exchange filing added to optimism over potential US approval of a Bitcoin ETF. While remaining a large holder, Wood’s fund’s paring of its stake may signal to other investors the prospect of booking some profit after the share’s rally this year.
Coinbase has risen more than 150% this year, in line with a broader bounce by cryptocurrency-linked stocks, even as it faced a lawsuit by the Securities and Exchange Commission. It had dropped 86% last year. Wood’s flagship fund has risen 51% this year, compared with a gain of 38% for the Nasdaq 100 Index and a 16% advance for S&P 500. The Ark Innovation ETF slumped 67% last year.
Ark Investment Management LLC’s decision to reduce its stake in Coinbase Global Inc. after almost a year of buying the stock on price dips highlights the potential for profits during the share’s rally this year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Cathie Wood’s Ark Invest Now Cuts Coinbase Shares After Stock Rallied 9.8%
Key Points:
- Cathie Wood’s Ark Investment Management LLC reduced its holding of Coinbase Global Inc. for the first time in almost a year, signaling potential profit-booking.
- Ark had been buying the stock on price dips for almost 11 months until June and continued to build on its stake during crypto-market volatility.
- Despite facing a lawsuit by the SEC, Coinbase has risen more than 150% this year, in line with a broader bounce by cryptocurrency-linked stocks.
Ark Investment Management LLC, led by Cathie Wood, has reduced its holding of Coinbase Global Inc. for the first time in almost a year. The decision to pare its stake signals the potential for profit-booking after the stock’s rally this year.
Cathie Wood’s Ark Investment Management LLC has reduced its holding of Coinbase Global Inc. for the first time in almost a year. The flagship Ark Innovation ETF sold 135,152 shares of the cryptocurrency exchange operator on Tuesday, marking its first sale of the stock since July 26, according to Ark Investment Management LLC data compiled by Bloomberg.
Ark had been buying the stock on price dips for almost 11 months until June, and continued to build on its stake during crypto-market volatility triggered by issues including a US regulatory crackdown on the industry, the collapse of Sam Bankman-Fried’s empire, and a spate of bankruptcies.
Ark pared its stake in Coinbase on a day that the stock rallied 9.8% after a Chicago Board Options Exchange filing added to optimism over potential US approval of a Bitcoin ETF. While remaining a large holder, Wood’s fund’s paring of its stake may signal to other investors the prospect of booking some profit after the share’s rally this year.
Coinbase has risen more than 150% this year, in line with a broader bounce by cryptocurrency-linked stocks, even as it faced a lawsuit by the Securities and Exchange Commission. It had dropped 86% last year. Wood’s flagship fund has risen 51% this year, compared with a gain of 38% for the Nasdaq 100 Index and a 16% advance for S&P 500. The Ark Innovation ETF slumped 67% last year.
Ark Investment Management LLC’s decision to reduce its stake in Coinbase Global Inc. after almost a year of buying the stock on price dips highlights the potential for profits during the share’s rally this year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Read more...
Coincu News
Read More
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