Cathie Wood’s ARK Investment Takes Profit, Unloads $26 Million in COIN Shares

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ARK Invest, the investment firm led by  cathie wood cathie wood founder and ceo at ark invest Cathie Wood was born on November 26, 1955, in Los Angeles, her father served in the British army and the united states air force as a radar system engineer. In 1981 she graduated summa cum laude from the University of Southern California, with a bachelor of science degree in finance and economics. One of her professors was economist Arthur Laffer, who became Wood's mentor.    In 1977 she got a job as an assistant economist at Capital group, via her mentor Arthur Laffer. Where she worked for three years. Then she moved to New York City to take a job at Jennison Associates as chief economist, analyst, portfolio manager, and managing director. She worked there for 18 years.    In 1998, she along with Lulu C. Wang co-founded Tuelo capital management, a hedge fund based in New York City. She began her career at AllianceBernstein in 2001 as the chief investment officer of global theme strategies, a position she held for 12 years.  After her idea for actively managing exchange-traded funds based on disruptive innovation was deemed too risky by alliance Bernstein, she left the company and founded Ark of the covenant. ARK’s first 4 ETFs were seeded with capital from Bill Hwang of Archegos Capital.    She was chosen for the inaugural Forbes 50 Over 50 list in 2021, which includes entrepreneurs, leaders, scientists, and innovators over the age of 50. EntrepreneurChief Executive OfficerChief Information OfficerEconomist , has continued to sell off shares of Coinbase as the stock reached close to its one-year high. According to a trade disclosure, ARK Invest sold 248,838 COIN shares, totaling over $26 million based on Monday’s closing price.

This recent sale comes after ARK Invest disclosed selling 480,000 COIN shares worth $50.5 million on July 14, and an additional $12 million the previous week. Wood stated that the fund is “taking profits and reallocating the capital to some laggards” while expressing a positive outlook on Coinbase, particularly in light of the recent court ruling favoring Ripple against the SEC.

ARK sells third time in a row

The sale of Coinbase shares represents ARK Invest’s third sale in recent days, following a significant accumulation of the stock over the past year. Wood emphasized that the fund remains optimistic about Coinbase’s prospects.

Also Read: Coinbase CEO’s First Meeting with House Democrats Amidst SEC Lawsuit

Last week, Ripple achieved a partial victory in court, with a judge ruling that its XRP token is not considered a security when sold on the secondary market, but is classified as a security when sold to institutional investors.

This ruling could have implications for Coinbase, as the SEC had alleged that 13 tokens actively traded on the platform were securities in its lawsuit against the company last month. Industry experts, including Wood and JPMorgan analysts, see the ruling as favorable for Coinbase.

The recent court ruling has had a notable impact on Coinbase’s stock price, leading to a substantial increase. Currently, the shares are trading near their highest level in the past year.

This surge in price can be attributed, in part, to Coinbase being listed as a surveillance-sharing partner for various spot bitcoin ETF applicants, including prominent firms like BlackRock and Fidelity. The association with these well-established entities has likely contributed to the positive market sentiment and rally in Coinbase’s shares.