Crypto investment giant dumps shares of major exchange after price spike

Of all asset managers, Cathie Wood and his company ARK Invest is invariably one of the most vocal bulls in the crypto industry. Still, the ARK Fintech Innovation ETF (ticker symbol: ARKF) has quite a bit of exposure to crypto. Still, Wood is now taking a little less risk by selling a lot of shares in Coinbase.

Cathie Wood sells Coinbase

That writes Bloomberg, who has a clear picture of what the investment fund buys and sells. The exchange-traded fund (ETF) ARKF sold 135,152 shares of Coinbase (ticker: COIN) yesterday. This has raised $12 million, according to CoinDesk, meaning the average sale price was about $88.

Shares of the US crypto exchange are doing well as the company is preferred by many crypto companies looking to issue ETFs. They want to partner with Coinbase to use the pricing information. As a result, the share price of the listed trading platform has reached its highest point in almost a year.

Apparently this was enough reason for ARK Invest to sell a considerable amount. Yet it is only a small portion of the total COIN shares held by the fund. The ARK Invest tracker Cathie’s Ark keeps track of which companies the various funds invest in and exactly how many shares they own.

ARK Invest still long on crypto

Yesterday’s sale does not seem to have been processed yet, but the total was still around 1.377 million shares at the beginning of the week. It is currently worth $121.2 million. Also, COIN makes up a large portion of the portfolio – 10.61% to be exact, while the Fintech ETF holds several dozen stocks. In addition, ARKF also has a lot of shares in Block (SQ), which also has exposure to the crypto industry. So the fund is still very positive on crypto.

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It is the second time that ARK Invest has sold shares in Coinbase. Last March, she sold more than 160,000 shares for $13.5 million, at a price of about $84. Last June, the COIN price hit an all-time low when the SEC sued the company. Then Wood just hit stocks.

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