Cathie Wood says sale of Coinbase shares is active portfolio management

Cathie Wood, CEO of the American investment firm Ark Invest, explained the reasoning behind selling Coinbase's stock .

In a Thursday "Ask Me Anything" Q&A session, a user inquired about Ark Invest's rationale for "dumping" its Coinbase shares. Wood responded, "We are not dumping. This is what active management is all about." "Coinbase has increased roughly 9-fold since Spring of 2023," Wood continued. "It has been more than 10% of the portfolio. We are simply taking profits. It is still the number 1 position and we are redeploying those profits into stocks that, just like Coinbase roughly a year ago, have been hurt by very short-term news, including Tesla, and a lot of them are in the life science space.

Ark Invest offloaded 74,291 Coinbase shares worth $20.8 million on March 26, two days before the Q&A session, as Coinbase stock rose 10% in value. A month earlier, the firm sold off 96,435 COIN shares for $16 million, The Block previously reported. Ark Invest co-sponsors spot bitcoin ETF ARKB with the digital asset investment firm 21 Shares. ARKB brought in $195.5 million in volume on March 28, according to The Block's Data Dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block.

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