Investor Cathie Wood Sells Crypto Stocks As Prices Rally
Wood's firm Ark Invest sold shares of Coinbase Global (NASDAQ: $COIN), Circle (NYSE: $CRCL), Bullish (NYSE: $BLSH), and Bitmine (NYSE: $BMNR) as the stocks rose.
The firm's latest trade disclosure showed that it sold $7 million U.S. of Coinbase stock and $13.8 million U.S. of Circle Internet Group's stock.
Ark Invest also sold $3.96 million U.S. of Bitmine's stock and $687,693 U.S. worth of shares in Bullish.
The sales come as crypto stocks enjoy a big rally with the price of digital assets such as Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) up more than 20% since the end of August.
Wood's investment firm routinely adds and reduces its cryptocurrency stock holdings, depending on market conditions.
The investment strategy at Ark Invest prevents an individual holding from exceeding 10% of a fund's portfolio to maintain diversification within its suite of exchange-traded funds (ETFs).
Wood is generally bullish on cryptocurrencies and has said she views them as a key innovation for financial markets.
Ark Invest is privately held and its stock does not trade on a public exchange.
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