Cathie Wood Sold 1.4 Million Shares Of Coinbase Before It Rallied 80% Due To Regulatory "Uncertainty"
We now officially know the
excuse investing strategy that saw Cathie Wood dump more than 1.4 million shares of Coinbase just days before the company announced a partnership with Blackrock and rallied more than 80%.
As usual, there was someone else to blame for Wood's decision making. This time, she attributed the sale not to poor decision making, but rather regulatory "uncertainty" in the world of crypto, according to a new Bloomberg report.
Three of Wood's funds collectively sold more than 1.4 million shares - or about $75 million worth of COIN - on July 26.
The decision was made "after the Securities and Exchange Commission deemed some tokens listed on Coinbase’s platform as securities," Wood told Bloomberg on Monday this week.
Wood said that she "swapped" some of her COIN shares for Shopify shares, because Shopify had also plunged. Recall, we also noted that the SEC brought insider trading charges against a former Coinbase employee last month.
Wood still owns about 7.1 million shares of COIN, a large consolation prize since shares are up more than 80% since her large sale.
A volatile year for ARKK and Cathie Wood continues. Recall, we wrote just days ago that Wood was shutting down her firm's latest "Transparency" ETF.
She also told Bloomberg that the ESG boom has gotten “way out of hand" - finally something we can agree with her on.
Wood told Bloomberg that she thinks the U.S. is already in recession and that the Fed will have to pivot next year. She plans on staying "fully investing" during the downturn because...well, of course.