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ETF issuer Ark Invest’s CEO Cathie Wood explained why they sold off their Coinbase shares.

Cathie Wood answered questions during an “Ask Me Anything” event on Reddit on March 28. She said that selling Coinbase (COIN) shares is part of their portfolio management strategy.

Wood emphasized that this is not “dumping,” but rather part of their active management policies to balance their portfolios by selling assets that have gained too much value.

She continued to stress that they are still holding the number one position in COIN and reminded people that taking profits is normal.

Since the spring of 2023, Coinbase has grown by about 9 times. With this increase, it has taken up more than 10% of the portfolio. We are just taking profits. We still have the number one position and are reallocating these earnings to stocks that were affected by short-term crises similar to what Coinbase did about a year ago.

Last week alone, the company sold over $50 million in COIN.

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