ARK Invest’s Cathie Wood has attempted to correct the narrative that her firm is currently dumping its Coinbase (COIN) shares.
Cathie Wood Debunks Coinbase Selloff
During a recent “Ask Me Anything” AMA Q&A session on the social media platform Reddit’s r/Cryptocurrency page, one user asked for the rationale behind ARK Invest’s sales of Coinbase shares.
He particularly insinuated that the company was dumping the shares. In response to his inquiry, Wood clarified that ARK Invest was not dumping, rather it was practicing active management of its portfolio.
According to the CEO of the investment management firm, “Coinbase has increased roughly 9-fold since Spring of 2023.”
She pointed out that Coinbase accounted for “more than 10% of the portfolio. We are simply taking profits. It is still the number 1 position and we are redeploying those profits into stocks that, just like Coinbase roughly a year ago, have been hurt by very short-term news, including Tesla, and a
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