Cathie Wood’s ARK is taking profits amid Coinbase stock hitting multi-month highs at nearly $84.
Cathie Wood’s investment management firm ARK Invest is moving to take profits from its Coinbase stash, selling the first batch of Coinbase stock this year.
The transaction became ARK’s first sale of Coinbase stock in 2023, following three months of active buying in 2023. The sold amount accounts for 23% of all Coinbase stock acquired by ARK so far in March and about 9% of all Coinbase shares bought by the firm so far this year. The latest sale comes amid Coinbase stock, which trades as COIN, seeing a significant surge in price, with the shares touching multi-month highs this week.
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