Cathie Wood-led Ark Invest has made a significant reduction in its holdings of Coinbase, selling $15.1 million worth of shares across three of its exchange-traded funds. This move comes despite Coinbase’s positive first-quarter earnings report, which showed higher-than-expected revenue and record institutional trading volume. Ark Invest sold 70,616 shares of Coinbase, with the largest portion coming from its Innovation ETF (ARKK), followed by the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF). This decision aligns with Ark Invest’s strategy of limiting exposure to any single stock in its portfolio to no more than 10%. While Coinbase’s financial success is evident, Ark Invest’s decision to offload shares suggests a strategic move influenced by various factors beyond the company’s performance.
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Cathie Wood-led Ark Invest Slashes Coinbase Holdings by $15.1M
