ARK Invest Sells $17M in Coinbase Amid 37% YTD Drop

Cathie Wood's ARK Invest cashes out $17.4 million from Coinbase while investing $17.8 million in Bullish, reflecting a strategic pivot in volatile markets.

In a significant move, ARK Invest, led by Cathie Wood, has divested approximately $17.4 million in Coinbase stock as the cryptocurrency exchange faces a 37% decline year-to-date. At the same time, the investment firm has allocated $17.8 million towards Bullish shares, indicating a notable shift in its investment approach during these challenging crypto market conditions.

This decision highlights ARK's responsiveness to the evolving landscape of digital assets, as investors navigate through fluctuations and uncertainties. The sale of Coinbase shares, amid its slipping stock performance, underscores the challenges faced by major players in the industry.