Cathie Wood's Ark Invest dumps $13.5 million of Coinbase stock as crypto exchange notches 7-month highs
The famed money manager now holds $837 million of the crypto exchange's stock across three of its ETFs. Ark Invest has a 7.03% stake in the Nasdaq-traded company.
Shares of Coinbase dipped 2% Wednesday but earlier traded at a seven-month high of $83.49. The company's stock is on a tear, up 30% in the past five trading sessions. , with bitcoin and ethereum up 16% and 9% in the past week, respectively. When crypto bets are doing well, typically company shares that service the nascent space follow suit.
She added:"We think [they] are going to face some quite severe challenges during the next ... six to nine months."
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