Ark Invest CEO: Selling Coinbase stock not 'dumping' but active portfolio management

Cathie Wood, CEO of investment firm Ark Invest, explained the reason behind selling Coinbase stock (COIN).During an "Ask Me Anything" session, a user asked Ark Invest for the reason behind "selling off" its Coinbase stock. Cathie Wood replied, "We're not dumping. That's the nature of active management."Cathie Wood stated, "Since spring 2023, Coinbase has grown by approximately 9 times and accounts for over 10% of the investment portfolio. We're just taking profits. It still holds the number one position, and we're redeploying those profits into other stocks."It is reported that on March 26, Ark Invest sold 74,291 shares of Coinbase stock worth $20.8 million.