ARK Invest Sells Coinbase Shares as Tech Stocks Fall

IconCryptoNewsTerminal Staff19 Jul, 2024

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ARK Invest Sells Coinbase Shares as Tech Stocks Fall

ARK Invest, led by Cathie Wood, sold 16,758 shares of Coinbase stock (ticker: COIN) from its ARKW fund on July 19. The sale is part of a broader trend of ARK divesting from tech stocks amid concerns over rising interest rates and inflation. Coinbase, a cryptocurrency exchange, has seen its stock price decline significantly in recent weeks. The company's business has been impacted by the recent downturn in the crypto market. ARK's sale of Coinbase shares is a sign that the investment firm is becoming more cautious on technology stocks. ARK has been a major investor in Tesla, but the fund has recently sold some of its shares in the electric car maker. The sale of Coinbase shares is a reminder that even high-growth tech stocks can be volatile. Investors should be aware of the risks involved before investing in any stock.

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