Prolific tech-based fund manager Cathie Wood has dumped another round of Coinbase Global Inc (NASDAQ:COIN) and Tesla Inc (NASDAQ:TSLA) shares as part of her Ark investment vehicle’s latest bout of profit-taking.
Approximately US$5.45mln worth of shares in the Nasdaq-listed Coinbase cryptocurrency exchange was exited from Wood’s flagship ARKK Innovation ETF, the ARKF Fintech Innovation ETF, and ARKW Next Generation Internet ETF.
This follows a US$26mln disposal earlier this week after Coinbase stock hit a 15-month high.
Despite turning over a cool US$30mln, Wood has expressed bullish support for Coinbase’s future prospects, pointing to recent rulings made in the long-running securities dispute between Ripple Labs, the developer of US$40bn XRP cryptocurrency, and US regulator the Securities and Exchange Commission (SEC).
“We’re very positive on Coinbase, especially in light of the court ruling for Ripple and against the SEC,” she said, alluding to last week’s ruling that public XRP sales do not constitute securities contracts.
Wood also drained a further US$8.4mln in Tesla shares from ARKK and ARKW following yesterday’s US$13mln disposal.
The exits come just before Elon Musk’s electric vehicle giant gears up for its second-quarter results later today.
Tesla shares have also been on a rip this year, rising over 137% since the start of 2023, recovering from around a 65% fall during the last months of 2022.
Tesla remains the most heavily weighted stock in Wood’s entire investment portfolio.
On the buy side, Wood has increased her stake in communications group Twilio, manufacturing automation group Teradyne and hybrid exchange Robinhood Markets Inc.
The Robinhood investment comes after the Silicon Valley retail investment platform announced a planned expansion into the UK market.