Cathie Wood says selling Coinbase stock is active portfolio management.

Cathie Wood, CEO of Ark Invest, an American investment company, explained the reason for selling Coinbase stock (COIN).

During Thursday’s “Ask Me Anything” Q&A session, one user questioned Ark Invest’s rationale for “dumping” Coinbase stock. Wood responded, “We’re not dumping. That’s what active management is all about.”

“Coinbase has increased approximately 9x since the spring of 2023,” Wood continued. “It’s over 10% of the portfolio. We’re simply taking profits. We’re redeploying those profits into stocks that are still in the top spot and have suffered losses for a very short period of time, like Coinbase did about a year ago. Tesla Many of the end-of-semester news stories are in the life sciences field, including .”

Ark Invest sold 74,291 shares of Coinbase stock worth $20.8 million on March 26, two days before the Q&A session, as the stock rose 10% in value. A month ago, the company sold 96,435 shares of COIN stock for $16 million, The Block previously reported.

According to Yahoo Finance, COIN closed at $265.12 on March 28, up 3.28% on the day.

Ark Invest co-sponsors the Bitcoin ETF ARKB with digital asset investment firm 21 Shares. ARKB recorded trading volume of $195.5 million on March 28, according to The Block’s data dashboard.

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