YEREVAN (CoinChapter.com) — In recent weeks, ARK Invest Coinbase stock holdings waned by 480,000 shares, worth approximately $50.5 million, the largest COIN sale since July. Cathie Wood’s investment firm also sold 200,000 shares in late November.

ARK Invest COIN holdings

Additionally, ARK unloaded another nearly two million shares right at the top when the markets rallied on high hopes for a Bitcoin spot ETF approval. To be clear, ARK still holds 6.3 million COIN shares worth over $870 million, nearly one million shares decrease month-to-date.

Moreover, despite the sales, the ARK Invest Coinbase holdings have the highest weight in the fund at over 11%, an increase from 8.3% in late November, as the management firm now owns 3.3% of all COIN.

Meanwhile, the COIN price reached $138 after sideways consolidation in the previous four days. Overall, the stock price doubled since bottoming out at $70 in late October.

ARK’s Q3 Commentary Optimistic

Overall, ARK Invest saw a net fund outflow of over a billion year-to-date. The Q4 results are not yet in. However, according to Cathie Wood’s Q3 commentary, the CEO expects an economic landing “somewhat harder than soft,” though not as severe as that associated with the Great Financial Crisis. 

She also commented on the “wall of worry” surrounding the market now and asserted that it generally “bodes well for equities in the innovation space.” The executive’s tone was optimistic despite the mounting wall of loss.

The strongest bull markets climb walls of worry, a fact that those making comparisons to the tech and telecom bubble seem to forget. No wall of worry existed or tested the equity market in 1999. This time around, the wall of worry has scaled to enormous heights.

Cathie Wood asserted.

The post ARK Invest Dumps $50.5M Worth of Coinbase Shares appeared first on CoinChapter.

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Filed under: Bitcoin - @ December 12, 2023 5:12 am