TECH - Cathie Wood Halts Coinbase Sell-Off Amid Bitcoin ETF Buzz Jumps Back Into This Chip Giant After 5-Year Hiatus With $8M Investment | Benzinga
Cathie Wood‘s Ark Investment Management refrained from selling shares of the cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) on Monday, after offloading the stock in all four sessions of the previous week.
What Happened: Wood’s Ark Invest has been consistently selling Coinbase shares since July 2023, despite accumulating them after their direct listing in April 2021. Coinbase holds the top position in Ark’s flagship exchange-traded fund, the Ark Innovation ETF (NYSE:ARKK), accounting for a 10.11% weighting in the ETF.
Coinbase is also the leading holding in Ark Fintech Innovation ETF (NYSE:ARKF), representing a 13.47% weighting, and the Ark Next Generation Internet ETF (NYSE:ARKW), with a 10.35% weighting.
As of January 8, 2024, Ark held 7,567,947 Coinbase shares. At the closing price of $159.42 on Monday, Ark’s stake in the cryptocurrency ...