Cathie Wood sells crypto stocks at the top to load up on unusual bet
Cathie Wood sells crypto stocks at the top to load up on unusual bet originally appeared on TheStreet.
Cathie Wood’s Ark Invest has trimmed its holdings in several high-profile crypto stocks — including Coinbase (COIN) and Robinhood (HOOD) — while making a bold move into an unexpected asset, an Ether-focused treasury firm backed by Peter Thiel.
On July 24, Ark sold 30,501 shares of Coinbase worth roughly $12 million, continuing a trend of profit-taking on one of the most closely watched crypto equities. The firm also dumped 11,262 shares of Robinhood, totaling around $1.1 million, based on the stock’s closing price that day.
At the same time, Ark increased exposure to Bitmine Immersion Technologies (BMNR), an…
