Cathie Wood’s Ark Invest Dumps $75M in Coinbase Stock

Cathie Wood’s investment firm, Ark Invest, has dumped a total of more than 1.4 million shares of Coinbase Global.

The sale is spread out across the company’s three actively managed exchange-traded funds: Ark Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).

ARKK sold as many as 1,133,495 COIN shares.

Ark Invest disposed of approximately $75 million worth of shares in Coinbase.

Ark Invest was Coinbase’s third-biggest shareholder.

The move comes in the aftermath of reports that the U.S. Securities and Exchange Commission (SEC) is investigating Coinbase for allowing Americans to trade in tokens that should have perhaps been registered as securities.

Coinbase vehemently denied the allegations.