TechFlow news — Cathie Wood, CEO of U.S. investment firm Ark Invest, explained the rationale behind selling shares of Coinbase (COIN).
During an "Ask Me Anything" session, a user asked Ark Invest for the reason behind its "sale" of Coinbase stock. Cathie Wood responded: "We are not dumping. That's what active management means."
Cathie Wood said: "Since spring 2023, Coinbase has grown approximately ninefold, and it accounted for over 10% of the portfolio. We're simply taking profits. It remains our largest holding, and we're redeploying those proceeds into other stocks."
Ark Invest sold 74,291 shares of Coinbase on March 26, worth $20.8 million.
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