Cathie Wood: Selling Coinbase stock isn’t “selling,” it’s portfolio management

BlockBeats news, on March 29, according to The Block, Ark Invest CEO Cathie Wood explained the reasons behind the sale of Coinbase (COIN) shares. In an AMA on Thursday, one user asked Ark Invest about its rationale for “dumping” its Coinbase stake. Wood responded: "We're not selling. That's what active management is all about." Wood said, "Coinbase has increased in value approximately 9x since the spring of 2023. It has exceeded 10% of the portfolio. We are just taking profits. It is still our No. 1 holding and we are moving these Profits are reinvested in stocks that, like Coinbase about a year ago, were hurt by short-term news, including Tesla, as well as many stocks in the life sciences sector." Ark Invest previously sold 74,291 Coinbase shares worth $20.8 million on March 26, two days before the Q&A session, as Coinbase shares rose 10%. A month ago, the company sold 96,435 COIN shares for $16 million.