Wood says ARK is “making a profit” as it sells $26 million in COIN

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

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

ARK has sold its COIN holdings as the stock continues to perform well. On July 14, he disclosed that he had sold 480,000 COIN shares across three funds, worth $50.5 million based on the day’s closing prices. The previous week, it sold $12 million as the stock rallied.

“We are very positive about Coinbase, especially in light of Ripple’s court ruling against the SEC,” Wood recently said on Bloomberg Daybreak Asia. “We just take profits and reallocate the capital to some laggards.”

Wood recently said that ARK has reduced its stake in Twitter by 47% since Elon Musk took it private last year.

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