ICrypto

Hotest Blockchain News in First Media Index

Wood Says ARK Is ‘Taking Profits’ as It Sells $26 Million in COIN

Cathie Wood’s ARK Invest is offloading more COINBASE shares after the stock closed Monday at $105.55, just shy of its one-year high of $107.

A trade disclosure sent out by the growth-focused fund shows that it offloaded 248,838 of COIN, worth just over $26 million, based on Monday’s closing price.

ARK has been selling off its holdings of COIN as the stock continues to perform well. On July 14, it disclosed it had sold 480,000 COIN shares across three funds, worth $50.5 million based on the day’s closing prices. The previous week it sold $12 million as the stock rallied.

“We’re very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC,” Wood recently said on Bloomberg Daybreak Asia. “We’re simply taking profits and reallocating the capital to some laggards.”

Wood recently said that ARK has written down its stake in Twitter by 47% since Elon Musk took it private last year.

Recommended for you:
  • Ripple's XRP Ruling Does Nothing for Regulatory Clarity
  • Trump Digital Trading Card Project Mints NFTs for Winners of Prizes
  • DeFi Protocol Frontier Brings In-Browser Wallet Support for Aptos, Sui and 33 Additional Blockchains

Edited by James Rubin.

Share
 7/18/2023

Hotest Cryptocurrency News

End of content

No more pages to load

Next page