Cathie Wood Sells Coinbase Stock

High-profile investor Cathie Wood capitalized on a surge in shares of Coinbase Global Inc. by selling over $150 million worth of the cryptocurrency exchange’s stock through her ETFs in the past three days.

Coinbase’s Stock Surge

Coinbase’s stock (COIN) experienced a remarkable rally over the past few weeks, driven by an increase in bitcoin prices and impressive quarterly profits. The stock saw a 28.4% surge over a three-day win streak, marking a 53.7% increase during a nine-day period where it gained eight times, the largest gain in over a year.

Bitcoin’s Rise

Simultaneously, bitcoin (BTCUSD) also saw a substantial 22.5% increase over nine sessions, reaching a more than two-year high by the end of the week.

ETF Sales

Wood’s ETFs – ARK Innovation ETF (ARKK), ARK Net Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) – collectively sold 875,979 Coinbase shares during the stock’s winning streak. The total value of these sales amounted to $151.3 million based on closing prices.

Current Positions

Following the sales, Coinbase still remains the top holding in all three ETFs. In Wood’s flagship ARK Innovation ETF, Coinbase holds a weighting of 9.57%, surpassing even electric-vehicle giant Tesla Inc., which holds 8.21%.

Market Movement

On Monday, Coinbase’s stock experienced a slight pullback of 2.7% in morning trading while bitcoin registered a 0.4% gain, indicating potential market adjustments following the recent spikes in both assets.

Wood’s ETFs Activity in February

In the month of February, Wood’s ETFs made several noteworthy moves in the stock market. Let’s take a closer look at their recent transactions.

Tesla Shares

Wood’s ETFs purchased a total of 248,787 Tesla shares, amounting to $46.4 million. Despite this investment, Tesla shares experienced a 1.9% decline on Monday.

Robinhood Markets Inc.

On Friday, the ETFs sold 480,166 shares of Robinhood Markets Inc., worth approximately $6.7 million. This sale followed a recent surge in Robinhood’s stock price, which reached a two-year high after an 18.2% increase over three sessions.

Nvidia Corp.

During February, the ETFs sold 27,661 shares of Nvidia Corp., totaling around $19.9 million. Nvidia’s stock faced a 2.7% drop on Monday, potentially leading to its first three-day losing streak in months.

Stay tuned for more updates as Wood’s ETFs navigate through the volatile market landscape.