Is Cathie Wood Still Betting on Coinbase After Recent Stock Sale?

Cathie Wood's ARK Invest has sold nearly $52 million in Coinbase stock, a filing from the firm shows. ARK's Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) offloaded a total of 199,526 shares. ARK had sold nearly $96 million in COIN earlier this month.

Is Cathie Wood Still Betting on Coinbase?

Investment firm ARK Invest, led by tech investor Cathie Wood, has offloaded nearly $52 million worth of Coinbase stock, according to a recent filing. The sale involved 199,526 shares from ARK's Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).

This follows an earlier sale of $96 million in COIN earlier this month. ARK Invest is known for its bullish stance on tech stocks and companies in the AI and crypto sectors. Wood has been a vocal advocate for Bitcoin, predicting its potential to challenge gold's market share.

Is ARK Still a Major Coinbase Shareholder?

Despite the recent sales, ARK Invest remains one of the largest holders of Coinbase stock. The cryptocurrency exchange went public in 2021 and trades on the Nasdaq under the ticker COIN.

Coinbase's Recent Performance

Coinbase's stock has experienced a surge in value, rising by over 50% in the past month and 236% year-to-date. The company's Q4 2023 earnings report showed a profit, partly driven by interest earned on its USD Coin (USDC) stablecoin reserves.

Conclusion

While ARK Invest's recent sale of Coinbase stock suggests a potential shift in its investment strategy, it remains to be seen whether this indicates a long-term change or a tactical adjustment. Coinbase's strong performance in recent months may mitigate any concerns about ARK's reduced exposure to the cryptocurrency exchange.