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Cathie Wood's ARK Invest Trims $4.7M in Coinbase Holdings: Strategic Shifts in Investment Portfolio
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On Monday, Coinbase (COIN) reached its highest valuation since April 2022, maintaining a peak that has lasted for 19 months. ARK Invest, under the guidance of Cathie Wood, has completed its third consecutive sale of COIN stocks this week, disposing of 37,377 shares with an approximate value of nearly $4.7 million based on the closing price on Thursday.
The sales throughout the week amounted to approximately $15 million and were executed through ARK's Next Generation Internet ETF (ARKW). Despite a 2.43% decline in the Nasdaq-listed shares of the cryptocurrency exchange on Thursday, closing at $124.72, they persist at levels not seen in the past 19 months, demonstrating resilience within the market.
A noteworthy trend emerges as ARK Invest frequently opts to accumulate shares related to cryptocurrencies during market downturns, strategically divesting them during bullish phases to secure profits. This strategic approach highlights ARK's ability to adapt to the ever-changing dynamics of the market and navigate through cryptocurrency trends to achieve optimal financial results.
Read More: Cathie Wood's ARK Unloads $6M in Grayscale Bitcoin Trust During Surge
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