Cathie Wood's Ark Invest sells more Coinbase shares worth $26 million
the fund manager is"simply taking profits and reallocating the capital to some laggards" and that it is still"very positive about Coinbase, especially in light of the court ruling for Ripple against the SEC ."
Last week, Ripple pocketed a partial victory after a federal judge ruled that its XRP token is not a security when sold on the secondary market but is a security when sold to institutional investors.
While Ark is selling some Coinbase shares, it is still the second-largest owner, with more than a 6% stake, according to CNN© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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