Cathie Wood: Selling Coinbase stock isn't a 'sell', it's active portfolio management

Ark Invest CEO Cathie Wood explains the reasoning behind selling Coinbase (COIN) stock. In an AMA on Thursday, one user asked Ark Invest for its rationale for “dumping” its Coinbase stake. Wood responded: "We're not selling. That's what active management is all about." Wood continued: “Coinbase has increased in value roughly 9x since the spring of 2023. It’s already over 10% of the portfolio. We’re just taking profits. It’s still our number one holding and we’re moving it into Those profits are reinvested in stocks that, like Coinbase about a year ago, were hurt by short-term news, including Tesla, as well as many stocks in the life sciences sector." Ark Invest sold 74,291 Coinbase shares worth $20.8 million on March 26, two days before the Q&A, as Coinbase shares rose 10%. A month ago, the company sold 96,435 COIN shares for $16 million. (The Block)