Cathie Wood’s Ark Invest Sheds $13.5M in Coinbase Stock as Crypto Exchange Hits 7-Month Highs
Cathie Wood’s Ark Invest sold $13.5 million worth of Coinbase shares on Tuesday.
The famed fund manager now owns a 7% stake in the crypto exchange worth $837 million.
Coinbase shares are up almost 30% in the past five trading sessions as crypto prices rise.
Investing in Cathie Wood’s Ark sold for $13.5 million value Coinbase Stockgiving up 160,887 shares of the company Ark Fintech Innovation Listed Index Fund Tuesday.
The famed fund manager now owns $837 million worth of crypto exchange shares across three of its ETFs. Ark Invest holds a 7.03% stake in the Nasdaq-listed company.
Coinbase shares fell 2% on Wednesday, but were previously trading at a seven-month high of $83.49. Shares of the company are on a tear, up 30% in the past five trading sessions.
Major cryptos are also making gains, according to Messari, with Bitcoin and Ethereum up 16% and 9% in the past week, respectively. When crypto betting does well, corporate stocks that service the nascent space follow suit.
Wood’s investment firm has repeatedly snapped up shares of Coinbase amid the crypto’s long bear market.
Meanwhile, Ark Invest is emerging from a brutal 2022 for business performance, particularly its flagship fund, Ark Innovation ETF (ARKK), which fell 69% last year.
On Tuesday, Wood said the Federal Reserve’s aggressive interest rate hikes had hit Ark’s investment strategy “like an earthquake.” She revealed that ARKK went online over $2 billion in losses to sell stocks during last year’s market rout.
“It’s like an earthquake, not just to our strategy, actually. We now think the earthquake is unfolding from our strategy and into other strategies and those that are cyclical,” Wood told CNBC. , referring to borrowing-sensitive growth stocks. costs.
She added: “We think [they] are going to face some pretty serious challenges over the next six to nine months.”
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