Coinbase to Launch NFT Marketplace as Cathie Wood Sells Shares
Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) fell almost 3% on Tuesday, following news that popular investor Cathie Wood sold shares. As reported by Markets Insider, Wood's Ark Innovation ETF sold over 98,000 shares on Monday. However, it should be noted the fund still holds $1.1 billion in Coinbase stock.
It's possible that Coinbase stock fell on Tuesday as a result of Wood's action. The stock trades like a value stock even though it's grown like crazy over the past year, suggesting the stock has few bullish advocates. Indeed, Wood has been one of the company's few vocal supporters. So perhaps investors are viewing the decision to sell 98,000 shares as a sign that conviction is changing over at Wood's investment management firm, Ark Invest.
Image source: Coinbase Global.
Source Fool.com