In a surprising turn of events, Cathie Wood’s ARK Invest has sold an additional 248,838 shares of Coinbase, a leading cryptocurrency exchange. This sale, worth $26 million, marks the third time ARK Invest has reduced its holdings in Coinbase in recent days.
ARK Invest Continues to Sell Coinbase Shares, making another 26 million $ out of 248,838 shares sold
ARK Invest, renowned for its aggressive investment strategy in disruptive technology companies, has been gradually reducing its stake in Coinbase. Despite the cryptocurrency exchange’s strong performance following a favorable ruling in the Ripple case, ARK has chosen to take profits and reallocate capital to other investments.
Implications of the Ripple Case Ruling
The recent ruling in the Ripple case, which determined that Ripple’s XRP token is not a security when sold on the secondary market, has had a positive impact on Coinbase’s stock price. The ruling could potentially affect the status of 13 tokens actively traded on Coinbase that the SEC has alleged are securities.
This development has led to a surge in Coinbase’s stock price, bringing it close to its highest level in the past year.
ARK’s Future with Coinbase
Despite the recent sales, ARK Invest remains the second-largest owner of Coinbase, holding more than a 6% stake in the company. It remains to be seen how ARK’s investment strategy will evolve and what impact it will have on its relationship with Coinbase.
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