Cathie Wood’s ARK Invest Unloads Another $52M in Coinbase Stock

Tech investor extraordinaire 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.

ARK Invest buys tech stocks and other companies related to the AI and crypto space. Wood has repeatedly banged the Bitcoin drum and said the asset is coming for gold’s market share. 

Her firm remains one of the biggest holders of Coinbase stock. 

America’s biggest cryptocurrency exchange, Coinbase trades on the Nasdaq under the ticker COIN after going public in 2021. 

Its stock is today priced at $257.32 per share and has been on a tear recently: over the past month, it’s shot up by over 50%. Year-to-date, COIN is up 236%.

The San Francisco-based company last month released its Q4 2023 earnings results showing that it had turned a profit in part thanks to interest earned on its USD Coin (USDC) stablecoin reserves.

Edited by Ryan Ozawa.