Ark Investment Management LLC, led by renowned investor Cathie Wood, has reduced its stake in Coinbase Global Inc. for the first time in almost a year. The Ark Innovation ETF, managed by Ark Investment Management, sold 135,152 shares of Coinbase on July 11, signaling a change in strategy by one of the largest holders of the popular cryptocurrency exchange.
Coinbase, the leading platform for buying, selling, and storing cryptocurrencies, has been on a remarkable upward trajectory in recent months. Despite the volatile nature of the crypto market, Coinbase’s stock has surged by over 150% this year alone. This surge has undoubtedly been tempting for many investors, including Ark Investment Management, which had previously been accumulating shares of the company.
While Ark Investment Management’s stake reduction might come as a surprise to some, it is important to remember that Cathie Wood has built a reputation as a savvy investor who is not afraid to make bold moves. This reduction in stake could be seen as a strategic decision, indicating that Wood believes there may be better investment opportunities elsewhere or that she is taking profits after the significant gains made by Coinbase.