Cathie Wood Still Bullish on Coinbase Even as Ark Sells Another $26.3m Tranche

Updated: 22 July 2023

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Cathie Wood sold another $26.3 million of Coinbase shares on Monday but said she’s still bullish on the cryptocurrency exchange.

Wood’s Ark funds dumped 76,788 Coinbase shares, which she said was profit-taking after the exchange’s stock had soared. The funds were being reallocated elsewhere, she said, in an interview with Bloomberg Television.

Coinbase shares are up more than 223% so far this year and more than 90% in the past month. Wood said she is ”very positive on Coinbase, especially in light of the court ruling for Ripple.”

Cathie Wood Says Ripple Ruling Positive for Exchanges

“The court ruling for Ripple against the SEC is very positive for exchanges”, she said, revealing that Ark Invest bought Coinbase’s stock around that time when its value was hammered by an SEC lawsuit. Coinbase stock has now risen to be the second largest holding after Tesla in an Ark Flagship fund, she said.

Cboe reaches surveillance agreement with Coinbase for spot bitcoin ETFs https://t.co/90GEReRSvj

— The Block (@TheBlock__) July 11, 2023

XRP Ruling is Positive News for Ripple – Barclays

Cathie Wood is not the only one that is hopeful that Coinbase will make a major comeback this year. Wall Street Banks, including JP Morgan, share the same sentiment.

https://twitter.com/CoingraphNews/status/1681033942785462272?s=20

British Banking Giant Barclay also said the Ripple ruling is positive for Coinbase.

Coinbase is Not Only Share That Ark Sold Off

While Coinbase proved to be one of the bigger profit makers for the token, it was not the only share that Ark has sold off. On Monday, Ark Innovation ITF sold 38,829 Tesla shares, and Ark Next Generation Internet ETF should 8,655. Combined, those shares are worth $13.1 million.

Both the funds are continuing to unload shares in order to reinvest the profits in other innovative sectors.

Cathie Wood is Bullish on Twitter’s Long-Term Outlook as Well

The Ark CEO recently wrote down its Twitter stake by 47% as its competitor, Threads, emerged on the scene. But she says Twitter’s long-term outlook still remains bullish.

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