Cathie Wood’s ARK Invest (NYSEARCA:ARKK) fund sold $40 million in Coinbase (NASDAQ:COIN) stock as the crypto exchange hit a 20-month high.
Since Dec. 5, the fund has sold $150 million of Coinbase stock.
The price of COIN continued to rise overnight. COIN stock opened this morning at $151 per share, a market capitalization of about $36 billion. Cryptos traded on the exchange, like Bitcoin (BTC-USD) and Ethereum (ETH-USD), have also risen.
ARK Profit and Loss
Cathie’s Ark, which follows Wood’s holdings and trades, shows Coinbase still the largest holding in her funds. It has about 8% of the total valuation.
Several ARK Funds hold stock in Coinbase. It represents almost 11% of the ARK Fintech Innovation ETF (NYSEARCA:ARKF), but recent ARK sales represent losses on its position. The cost average of COIN shares in the fund is $254.65. The current holdings are worth $928 million.
Coinbase came public in April 2021 and has traded for over $349 per share. Its low near the end of 2022 was under $35 per share.
While Wood’s funds have been selling Coinbase, they have been buying genomics stocks like Recursion Pharmaceuticals (NASDAQ:RXRX), Crispr Therapeutics (NASDAQ:CRSP), and 10X Genomics (NASDAQ:TXG). ARK has an exchange-traded fund (ETF) for the field called ARK Genomic (NYSEARCA:ARKG), whose value is down 2% in 2023. Most of its funds are invested in medium and small-cap names with values of under $10 billion.
Wood’s trades are followed avidly by traders looking to duplicate her ability to spot technology trends. Her purchases draw admiring articles about companies like Sofi (NASDAQ:SOFI). Her sales also draw articles criticizing stocks like Nextdoor Holdings (NASDAQ:KIND).
While ARK Innovation is the largest fund in Wood’s portfolio, at $8.12 billion, ARK Invest has a total of eight funds. These include small funds like ARK Space Exploration & Innovation (BATS:ARKX), the 3D Printing ETF (BATS:PRNT), and ARK Israel Innovative Technology (BATS:IZRL).
COIN Stock: What Happens Next?
There does seem to be a changing of the guard at ARK, away from Internet names toward genomics and artificial intelligence (AI). This is in line with market trends.
As of this writing, Dana Blankenhorn had a LONG position in SOFI. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
