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Cathie Wood’s Ark Invest has made headlines yet again as it trims more of its Coinbase holdings, raising questions about the implications for COIN stock. Notably, the latest report reveals significant sell-offs of the COIN stock across multiple Ark Invest ETFs, sparking speculation in the market about the investment firm’s strategy and its impact on Coinbase’s stock performance.
<h2 id="span-data-preserver-spaces-true-ark-invest-continues-to-trim-coinbase-shares-span">Ark Invest Continues To Trim Coinbase Shares</h2>
Ark Invest, led by renowned investor <a href="https://coingape.com/news/stocks/cathie-woods-ark-invest-banks-on-chip-tech-stocks-in-latest-buy/" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood</a>, has recently offloaded a substantial portion of its Coinbase holdings, according to the company’s latest trade filing.&nbsp;The sell-off involved 70,616 Coinbase shares, worth&nbsp;a staggering&nbsp;$15.1 million, distributed across various Ark Invest ETFs.
Meanwhile, this is not the first time that Ark Invest has offloaded the stocks of the major <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener noreferrer nofollow">crypto exchange</a> firm. Previously, <a href="https://coingape.com/cathie-woods-ark-invest-sold-69m-coinbase-coin-share/" target="_blank" rel="noopener noreferrer nofollow">Ark Invest</a> has significantly sold COIN stocks, which have sparked speculations in the cryptocurrency market over its potential impact.
However, the recent report reveals that the Cathie Wood-led investment firm divested 45,915 shares, valued at around $9.8 million, from its Innovation ETF (ARKK),&nbsp;and 17,755 shares, worth $3.8 million, from its Next Generation Internet ETF (ARKW). Simultaneously, Ark has sold 6,946 COIN shares, worth $1.5 million, from its Fintech Innovation ETF (ARKF).&nbsp;
Notably, this move has reignited speculations about the potential implications for Coinbase’s stock price and Ark Invest’s investment strategy.
Also Read: <a href="https://coingape.com/toncoin-bags-hashkey-listing-brace-for-price-rally/" target="_blank" rel="noopener noreferrer nofollow">Toncoin Bags HashKey Listing, TON Price To Rally?</a>
<h2 id="span-data-preserver-spaces-true-what-s-the-reason-behind-the-sell-off-span">What’s The Reason Behind The Sell-off?</h2>
Despite mounting concerns about Ark Invest’s continuous sell-off of <a href="https://coingape.com/coinbase-coin-share-sale-is-active-management-cathie-wood/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> shares, Cathie Wood has previously addressed the issue, clarifying that it’s not a case of dumping but rather active portfolio management. In an AMA session on Reddit’s r/Cryptocurrency page, Wood emphasized that Coinbase had seen significant growth, representing over 10% of Ark Invest’s portfolio.
Meanwhile, Wood highlighted Coinbase’s remarkable nine-fold increase since the spring of 2023 and reiterated that profit-taking was a natural strategy to rebalance the portfolio. In addition, she emphasized that <a href="https://coingape.com/glossary/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> remains a top position in Ark Invest’s holdings, indicating confidence in the company’s long-term prospects. 
Furthermore, Wood also mentioned plans to reinvest profits into other promising stocks, particularly those in the life science sector, emphasizing a dynamic investment approach to maximize returns.
However, following the report, the <a href="https://coingape.com/crypto-stocks/COIN/" target="_blank" rel="noopener noreferrer nofollow">COIN stock</a> retreated 0.83% in the pre-market session on Wednesday and traded at $212.56. Notably, the stock closed at $214.34, down over 5% in the previous session. Despite the recent slump, the Coinbase stock has added over 36% on a YTD&nbsp;basis,&nbsp;while noting a year-over-year jump of nearly 270%.&nbsp;
<figure id="attachment_195829" aria-describedby="caption-attachment-195829" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-195829" src="https://coingape.com/wp-content/uploads/2024/05/COIN-Stock-8-05-24.png" alt="COIN Stock price" width="751" height="387" srcset="https://coingape.com/wp-content/uploads/2024/05/COIN-Stock-8-05-24.png 1197w, https://coingape.com/wp-content/uploads/2024/05/COIN-Stock-8-05-24-300x155.png 300w, https://coingape.com/wp-content/uploads/2024/05/COIN-Stock-8-05-24-768x396.png 768w, https://coingape.com/wp-content/uploads/2024/05/COIN-Stock-8-05-24-150x77.png 150w" sizes="(max-width: 751px) 100vw, 751px">
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 COIN Stock Price Chart
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The post <a href="https://coingape.com/cathie-wood-ark-invest-sells-70-6k-coinbase-shares-coin-stock-retreat/" rel="noopener noreferrer nofollow">Cathie Wood’s Ark Invest Sells 70.6K Coinbase Shares, COIN Stock Retreat</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cathie Wood’s Ark Invest Sells 70.6K Coinbase Shares, COIN Stock Retreat

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