Veteran hedge fund manager Cathie Wood’s ARK Invest is cutting its stake in the shares of Coinbase crypto exchange.
An update on a website tracking the holdings of ARKW, ARK Invest’s innovation-focused fund, reveals that the investment firm offloaded approximately 174,611 shares of Coinbase on July 26th.
ARKW is an exchange-traded fund (ETF) focused on companies in fields such as blockchain technology, big data, Internet of Things, fintech, and cloud computing.
ARK Invest now holds 1.3 million shares of Coinbase, down from the 1.5 million shares that it held in the crypto exchange in June when the last purchase was made.
The sale comes amid a severe plunge in the stock price of Coinbase (NASDAQ: COIN). The stock price of the US crypto exchange hit a record high of $342.98 in mid-November around the same time as Bitcoin (BTC) was reaching an all-time high of slightly over $69,000.
Coinbase shares closed Tuesday at $52.93, a drop of approximately 85% from the record high. The ARKW ETF is meanwhile down by nearly 60% year-to-date.
ARK Invest’s averaging buying price of the Coinbase shares currently stands at $242. The stake in Coinbase is now about 6.8% of the ARKW fund while it was 9.31% at the close of this year’s first quarter.
This is the first time that ARK Invest is selling Coinbase shares this year. The investment firm previously sold in the fourth quarter of 2021.
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Source: https://dailyhodl.com/2022/07/28/cathie-woods-ark-invest-sells-174611-coinbase-shares-amid-85-wipeout-in-the-crypto-exchanges-stock-price/