ARK Invest Dumps $50 Million of Coinbase Stock Amid Ripple Lawsuit Surge

Cathie Wood and her firm ARK Invest sold approximately $50 million worth of Coinbase stock on Friday as the cryptocurrency exchange reached its highest level this year. The sale came after Ripple Labs won a major court case against the Securities and Exchange Commission, causing a rally in cryptocurrency prices. Wood and ARK sold shares across three exchange-traded funds, with ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF all seeing reductions in their Coinbase holdings.