Wood Says ARK Is ‘Taking Profits’ as It Sells $26 Million in COIN
The sale comes a day after ARK sold $50.5 million of the crypto exchange’s stock.
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, based on the day’s closing prices. The previous week as the stock rallied.
“We’re very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC,” . “We’re simply taking profits and reallocating the capital to some laggards.”
Wood recently said that since Elon Musk took it private last year.
Edited by James Rubin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Crypto News: What to Expect in Crypto Market Next Few Days?
Ethereum Update: BitMine Acquires ETH—Strategic Investment Fuels Confidence in Ethereum's Supercycle
- BitMine, led by Tom Lee, added $50.1M in ETH to its holdings, now owning 3.6M tokens (3% of supply), advancing its 5% stake target. - The firm’s stock-issuance-funded strategy faces risks from $3.7B unrealized losses, but Santiment highlights low stablecoin yields and improving liquidity as bullish signals. - Institutional ETF inflows ($312.6M) and Lee’s $7,500 year-end forecast underscore Ethereum’s appeal as a “supercycle” asset, despite macroeconomic uncertainties. - Technical indicators suggest ETH c
XRP News Today: Regulatory Transparency and ETFs Transform the Crypto Investment Scene in 2025
- Australia's 2025 Digital Assets Framework Bill aims to regulate crypto platforms via AFSLs, targeting institutional trust and preventing collapses like FTX. - XRP's surge follows ETF approvals (XRPZ, GXRP), with Franklin Templeton highlighting its role in cross-border payments and energy-efficient transactions. - AVAX gains traction via Bitwise's BAVA ETF (0.34% fee), while Ripple's RLUSD stablecoin gains institutional adoption in Abu Dhabi for dollar-pegged stability. - Regulatory uncertainty persists a
Webster, NY's Targeted Economic Growth: Generating Value in Post-Industrial Markets through Real Estate and Infrastructure Initiatives
- Webster , NY, transformed brownfields into high-value industrial/residential hubs via infrastructure investments and public-private partnerships. - A $9.8M FAST NY grant redeveloped a 300-acre Xerox site, slashing industrial vacancy rates to 2% and adding 1M sq ft of space by 2025. - Median home prices rose 10.1% annually, driven by high-paying jobs and infrastructure upgrades like NEAT's 34kV power and 50M-gallon water capacity. - Future plans include wastewater upgrades and 2027 revaluation, aligning w
Trending news
MoreCrypto prices
More
