Cryptocurrencies

Cathie Wood Says Regulatory ‘Uncertainty’ Spurred Paring of Ark’s Coinbase Stake

Funds sold slightly over 1.41 million shares on July 26
Coinbase has rallied over 80% since Ark trimmed its holdings

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By Elaine Chen and Katie Greifeld

August 8, 2022 at 6:32 PM UTC

Updated on

August 8, 2022 at 8:01 PM UTC

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Cathie Wood said Ark Investment Management’s sale of some of its Coinbase Global Inc. holdings last month came after what the firm viewed as regulatory “uncertainty” in the cryptocurrency world.

Three of the firm’s exchange-traded funds sold slightly over 1.41 million shares on July 26, which were worth about $75 million at the time, according to Ark’s daily trading data compiled by Bloomberg. The firm made the trade a few days after the Securities and Exchange Commission deemed some tokens listed on Coinbase’s platform as securities, Wood, the head of Ark said in Bloomberg TV interview Monday.