Wood Says ARK Is ‘Taking Profits’ as It Sells $26 Million in COIN

Cathie Wood’s ARK Invest is offloading much Coinbase shares aft the banal closed Monday astatine $105.55, conscionable shy of its one-year precocious of $107.

A commercialized disclosure sent retired by the growth-focused money shows that it offloaded 248,838 of COIN, worthy conscionable implicit $26 million, based connected Monday’s closing price.

ARK has been selling disconnected its holdings of COIN arsenic the banal continues to execute well. On July 14, it disclosed it had sold 480,000 COIN shares crossed 3 funds, worth $50.5 million based connected the day’s closing prices. The erstwhile week it sold $12 million arsenic the banal rallied.

“We’re precise affirmative astir Coinbase, particularly successful airy of the tribunal ruling for Ripple against the SEC,” Wood precocious said connected Bloomberg Daybreak Asia. “We’re simply taking profits and reallocating the superior to immoderate laggards.”