Saturday, November 26, 2022

Cathie Wood’s ARK Dumps Portion of Coinbase Shares After Bitcoin Rally

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Alex Dovbnya

Cathie Wood’s Ark Invest has sold Coinbase shares for the first time

Ark Invest, the New York-based investment firm run by prominent stock-picker Cathie Wood, has trimmed its exposure to Coinbase, according to the firm’s trade disclosures that get published on a daily basis.

On Oct. 11, ARK Innovation ETF (ARKK) dumped 98,427 COIN shares, which represents the firm’s first sale since the company’s stock started trading on Nasdaq on Apr. 14.

Coinbase remains ARKK’s fourth-biggest holding, accounting for 5.62% of the entire portfolio. Tesla remains in first place (9.85%).

The shares of Coinbase remain down 40% from their all-time high of $429. They’ve managed to recover from recent lows because of Bitcoin’s ascent to a multi-month high of $57,866.    

As reported by U.Today, legendary investor Bill Miller predicted that Coinbase would eventually surpass Tesla by market capitalization due to its big disruptive potential.

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