Crypto NewsExchangeCathie Wood, CEO of Investment Company Ark Invest, Announced That They Sold...

Cathie Wood, CEO of Investment Company Ark Invest, Announced That They Sold Coinbase Shares and Bought Tesla Shares!

Ark Invest divested $6.4 million worth of Coinbase shares in two of its exchange-traded funds (ETFs).

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Investment management firm Ark Invest, led by Cathie Wood, has made significant moves in its portfolio management strategy, divesting $6.4 million worth of Coinbase shares in two of its exchange-traded funds (ETFs).

Ark Invest Sold Coinbase Shares Worth $6.4 Million

The latest trading filing from the company revealed that Ark sold a total of 25,662 Coinbase shares.

The sales included 22,690 shares of Ark's Innovation ETF (ARKK) valued at $5.7 million and 2,972 shares of the Next Generation Internet ETF (ARKW) valued at $742,000.

The divestiture marks the first major reduction in Coinbase holdings since Ark sold $21 million worth of stock on March 26.

Ark Invest employs an active management strategy that aims to maintain diversity across its funds, ensuring that no individual holding accounts for more than 10% of the portfolio.

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Therefore, the decision to reduce Coinbase shares signals a rebalancing effort, especially if Coinbase's stock price continues to outpace other holdings.

Answering questions about her decision to sell Coinbase shares in a recent question-and-answer session on Reddit, Cathie Wood emphasized that Ark Invest is not divesting its assets but is instead actively managing its portfolio.

Wood explained that Coinbase's significant growth since spring 2023 has led to it accounting for more than 10% of the portfolio, leading to the decision to take profits and reinvest them in other opportunities such as Tesla and stocks in the life sciences sector.

*This is not investment advice.



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