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

Bitget App

Trade smarter

Bitget

News

Markets

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

Coindesk2023/07/18 01:58

By:Sam Reynolds

The sale comes a day after ARK sold $50.5 million of the crypto exchange’s stock.

Cathie Wood’s ARK Invest is offloading more Coinbase shares after the stock closed Monday at $105.55, just shy of its one-year high of $107.

A trade disclosure sent out by the growth-focused fund shows that it offloaded 248,838 of COIN, worth just over $26 million, based on Monday’s closing price.

ARK has been selling off its holdings of COIN as the stock continues to perform well. On July 14, it disclosed it had sold 480,000 COIN shares across three funds, based on the day’s closing prices. The previous week as the stock rallied.

“We’re very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC,” . “We’re simply taking profits and reallocating the capital to some laggards.”

Wood recently said that since Elon Musk took it private last year.

Edited by James Rubin.

100

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Real yield protocols are gaining traction as a resilient sector in the crypto market, enabling users to navigate both bull and bear cycles effectively. Unlike narrative-driven projects that rely on token sales, real yield projects generate actual protocol revenue and return value to the community through mechanisms like fee buybacks and token burns. These sustainable business models offer greater resilience across market cycles, making them well-suited for mid- to long-term allocations. Projects such as AAVE, JTO, JUP, and CAKE have established robust revenue frameworks, serving as leading examples across the EVM, Solana, and BSC ecosystems — and are well worth watching.

Bitget VIP•2025/05/09 07:32