Cathie Wood’s Ark Invest sold over 1.4 million shares of COINBASE Global (COIN) in three funds on Tuesday as the price falls to an all-time low of $52.93. The move comes amid Coinbase’s poor performance and the SEC investigation into listing unregistered securities.
All three funds mostly purchased Shopify and Roku shares after selling COIN shares.
Ark Invest Unloads Coinbase Shares Amid Poor Performance and SEC Investigation
Cathie Wood’s asset management firm Ark Invest has sold over 1.5 million shares of Coinbase worth almost $75 million in three of its funds as Coinbase’s share price falls 21% to $52.93 on July 26. Coinbase’s share price has fallen due to poor earnings amid the bear market and the SEC’s investigation into the listing of unregistered securities.
ARK Innovation Exchange-Traded Fund (ARKK) has sold 1.13 million COIN* shares and acquired 1.32 million Shopify, 2.19 million Ginkgo Bioworks, 414k Roku, and 235k Tusimple Holdings shares.
ARK Next Generation Internet ETF (ARKW) has sold 174,611 COIN shares and purchased 201,546 Shopify and 64,894 Roku shares.
