Facing a bullish trend in the stock market, Cathie Wood's Ark Investment Management has cut down their investment in Coinbase Global Inc.

Led by Cathie Wood, Ark Investment Management LLC has made adjustments to its investment portfolio. has reportedly lessened This reduction in Coinbase shares is particularly noteworthy as it signifies a shift in investment strategy after a year-long period of accumulation, especially during significant rallies in stock price.

For nearly eleven months, Ark has been actively acquiring Coinbase stock during price fluctuations, consistently increasing their stake during tumultuous periods in the cryptocurrency market, which were often spurred by factors such as regulatory challenges and high-profile bankruptcies.

Ark decided to lower its Coinbase investment on the very same day that the stock experienced a significant uptick, which followed new developments from the Chicago Board Options Exchange that sparked enthusiasm for the prospect of a Bitcoin ETF approval in the US. This move by Wood's fund might encourage other investors to take advantage of the current market upturn. stock rallied by 9.8% Coinbase's stock has soared by over 150% this year, mirroring the broader recovery seen among cryptocurrency-associated equities, even as they grapple with an ongoing lawsuit from the SEC. In stark contrast, last year saw a staggering 86% drop in value.

Cathie Wood and Coinbase

When compared to Wood's flagship fund, which has registered a 51% rise this year, it notably outperformed both the Nasdaq 100, which grew by 38%, and the S&P 500, which advanced by 16%. Yet, it's important to remember that the Ark Innovation ETF faced a drastic 67% decline the previous year.

Ark Investment Management's recent decision to downsize its stake in Coinbase Global Inc. signals a strategy aimed at recognizing gains during the current stock price rally, after a sustained buying spree over the past year. Ark Innovation ETF The choice to reduce their position in Coinbase could be interpreted as a clever tactic to lock in profits during this upswing. Given that Coinbase's shares have more than doubled this year in the face of market fluctuations, it could be assumed that Ark is taking advantage of this upward momentum. Nevertheless, Ark's sizeable hold in the company points to their enduring faith in Coinbase's long-term potential.

The cryptocurrency community has united to mint an impressive 140,830 NFTs dubbed 'Stand with Crypto', aiming to persuade US regulators towards reasonable cryptocurrency legislation.

Cathie Wood is the visionary Founde and CEO of Ark Invest.

• Executives at Coinbase have recently made significant sales of their shares. policy.

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