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As the old saying goes, “when it rains, it pours,” and for Coinbase, this seems to be ringing true. The publicly traded cryptocurrency exchange has gone through a cascade of bad news and poor press over the past few months, and throughout it all, CEO and CIO of Ark Invest, Cathie Wood, hasn’t wavered on her stance on Coinbase. Cathie Wood and CEO of Coinbase Brian Armstrong even took the stage together at the Milken Institute’s 2022 Global Conference, as part of a panel discussion titled, ‘Conversations with Crypto Pioneer’ with Cathie singing Coinbase’s praises. The praises weren’t all talk either, as she backed it up with action, as Coinbase (COIN) cracked Ark Invest’s top 10 holdings, with Ark recently buying up $3 Million worth of Coinbase stock in May of 2022. Fast Forward just 2 months, and Cathie Wood has had a change of heart on Coinbase. According to Bloomberg, Three Ark Investment Management LLC funds sold slightly over 1.41 million shares, which were worth about $75 million as of Tuesday’s close, according to Ark’s daily trading data. The firm’s flagship Ark Innovation ETF sold 1.13 million shares.
The sell-off came on the heels of Coinbase facing an SEC probe that can not only devastate Coinbase as a company but change the cryptocurrency landscape at large. Coinbase first caught headlines regarding the SEC when a case that is ‘considered first of its kind’ made headlines when ex-Coinbase product manager Ishan Wahi was charged, along with two other individuals, with wire fraud in connection with an alleged insider trading scheme involving cryptocurrencies. Although Coinbase was not explicitly part of that case, as an aside, the SEC is now probing Coinbase… alleging that 9 of the coins on the exchange are securities. This run-in with the SEC appears to have crossed the line, as far as Wood’s belief (and capital) in Coinbase is concerned.
Cathie Wood has been buying up Coinbase stock consistently since is debuted on the New York Stock Exchange in 2021. This is the first time Ark Invest Fund has decided to dump the exchange. When Cathie purchased $3 Million worth of stock back in May of 2022, many pundits and analysts questioned if Cathie was buying the dip or catching a falling knife, as Coinbase’s stock had fallen dramatically, starting off the year at around $250 per share, to trading at around $54, losing about 79% of its value. It appears that Cathie started to believe she’s catching a falling knife.
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