The Block: Cathie Wood’s Ark Invest ditches over 1.4 million Coinbase shares

Ark Invest’s Cathie Wood appears to have gone cold on Coinbase as the exchange’s share price plunges.

According to its latest trade filing , Ark Invest sold over 1.4 million Coinbase shares – more than 1.1 million from its flagship Ark Innovation ETF and the remainder from its fintech innovation and next generation internet ETFs. The shares were worth almost $75 million, based on the price at close on Tuesday.

Wood had been bullish on Coinbase, snapping up almost 4.5 million shares following the exchange's public listing in April 2021.

Coinbase has faced negative headwinds this week after a report from Bloomberg revealed the Securities and Exchange Commission, the regulator, is investigating the exchange operator for improperly allowing trading in tokens that should have been registered as securities. The firm's chief legal officer refuted the claims on Twitter last week.

Shares in the crypto exchange closed down just over 21% on Tuesday at $52.93, although they were up a little over 3.5% in pre-market trading on Wednesday.

Ark Invest's funds have also shed considerable amounts this year amid a choppy macroeconomic background and growing recession fears. The Ark innovation ETF is down 57.74% year-to-date, while the next generation internet and fintech innovation products lost 58.7% and 62.14% respectively.

Wood’s fund also offloaded shares in the retail investing platform Robinhood worth over $500,000, based on Tuesday's closing price of $8.43.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.