Coinbase Stock Tumbles as Cathie Wood Sells Some Shares
Shares of cryptocurrency trading platform Coinbase Global (NASDAQ: COIN) dropped on Friday along with many other high-growth stocks. Given the amount of stocks that are down today, Coinbase is likely simply sinking with the entire stock market ship today. However, it is worth noting that popular portfolio manager Cathie Wood sold some shares in her Ark Innovation ETF (NYSEMKT: ARKK). As of 11 a.m. ET, Coinbase stock was down 7%.
The Ark Innovation ETF holds shares in 45 different companies. But it's a particularly big fan of Coinbase as evidenced by its large position -- Coinbase stock makes up 5.43% of the fund's holdings. That position is a little lighter than what it was yesterday, though. According to Cathie's Ark (a website that's not affiliated with Ark Invest) the Ark Innovation ETF sold a little more than 170,000 shares of Coinbase yesterday.
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Source Fool.com
