Cathie Wood’s Ark Invest has been at the forefront of the cryptocurrency revolution, making strategic investments in various digital assets and related companies. However, recent <a href="https://www.theblock.co/post/239769/ark-invest-coinbase-sells-cathie-wood?utm_source&#61;telegram1&amp;utm_medium&#61;social" rel="noopener noreferrer nofollow">reports</a> indicate that Ark Invest has chosen to reduce its exposure to Coinbase, a cryptocurrency exchange by selling more of its shares as the stock price reaches the 52-week high.As per reports, the investment management firm sold a total of 478,356 Coinbase (COIN) shares worth about $53 million as the price reaches a yearly high of $114.43.Meanwhile, Cathie Wood’s decision to reduce Ark Invest’s exposure to Coinbase shares indicates a shift in investment strategy, potentially reflecting concerns about the company’s long-term outlook or a desire to reallocate funds to other opportunities.<h2 id="header-0">Ark Invest’s Interest in Meta Platform and Robinhood Shares</h2>In addition to the COIN sell-off, Cathie Wood’s Ark Invest has shown keen interest in the acquisition of Meta Platforms (META) and Robinhood (HOOD) shares. This strategic move by Ark Invest reflects its anticipation of future growth and profitability in the social media and financial technology sectors.Ark Innovation ETF (ARKK) has acquired 69,793 META shares, while Ark Fintech Innovation ETF (ARKF) acquired 111,843 Robinhood shares. Additionally, Ark Next Generation Internet ETF (ARKW) expanded its holdings by purchasing 12,559 META and 169,116 HOOD shares.Cathie Wood’s Ark Sells 135k of Coinbase SharesRecall that this is not the first time Cathie Wood is taking profits from Ark Invest’s Coinbase holdings.A few days ago, Wood’s investment firm sold 135,152 Coinbase shares ($12 million) from one of its major exchange-traded funds (ETF), the Ark Innovation ETF. Notably, the sales happened as the Coinbase stock price briefly surpassed $90, surging from about $82 to as high as $90.9, as per data from TradingView.<h2 id="header-1">Ark’s Relation With Coinbase</h2>Before taking fresh profits from Ark’s Coinbase holdings, Wood has been actively accumulating the stock in multiple Ark funds. In March, Ark Invest <a href="https://thecoinrise.com/ark-invest-breaks-coinbase-acquisition-record-with-new-purchase/" rel="noopener noreferrer nofollow">set out on a purchasing binge</a>, amassing over <a href="https://thecoinrise.com/ark-invest-adds-18m-worth-of-coinbase-share-across-two-funds/" rel="noopener noreferrer nofollow">$18 million in shares across two of its exchange-traded funds</a>. It reportedly has 353,000 shares spread over two funds. In February, the business acquired up to 213,519 shares across the same funds.Undoubtedly, the amount of Coinbase holdings Ark Invest holds makes the firm a 3.8% stakeholder in the crypto exchange based on Nasdaq’s $15.1 billion valuation of Coinbase market capitalization.

Cathie Wood Ark Invest Sells $53M COIN, Stacks META and HOOD

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TheCoinrise Media

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