Cathie Wood's Ark Invest Sells Crypto Stocks Amid Price Rally
Cathie Wood’s investment firm, Ark Invest, has sold shares in several cryptocurrency-related stocks as their prices surged. The sales included Coinbase Global (NASDAQ: COIN), Circle (NYSE: CRCL), Bullish (NYSE: BLSH), and Bitmine (NYSE: BMNR). Total proceeds from the transactions amounted to $7 million for Coinbase stock and $13.8 million for Circle Internet Group's shares, among others. The move comes as crypto stocks have experienced a significant rally in recent weeks, with Bitcoin rising over 20% since late August. Ark Invest’s strategy limits individual holdings to no more than 10% of any fund portfolio to maintain diversification across its ETFs. Despite the sales, Wood remains bullish on cryptocurrencies and sees them as transformative for financial markets. Ark Invest is a private firm not listed publicly but has been active in trading crypto stocks based on market conditions.
Tickers: $BLSH $BMNR $COIN $CRCL
Topics: Ark Invest Cathie Wood crypto stock_sales