Cathie Wood&#039, s ARK Invest Sells More Paypal Stock Amid Bitcoin Dip

Cathie Wood’s asset tech-focused investment firm ARK Invest has sold nearly$ 4 million in Coinbase stock ( NASDAQ: COIN ) —one of the biggest crypto-related equities—as Bitcoin and the rest of the crypto market take a hit after a period of massive gains.

ARK’s Ark Fintech Innovation ETF ( ARKF ) offloaded 13, 780 COIN shares worth$ 3.9 million, data from Wednesday shows.

COIN is now priced at$ 274 per share—a 2 % dip over the day. Over five days, it has fallen by 13 %. &nbsp,

Wood’s investment company is one of the biggest buyers in Coinbase, America’s largest bitcoin exchange that went public in 2021. Ship Invest is heavily invested in tech companies and businesses in the fields of AI and cryptography. The agency also holds over 2.45 million shares in COIN, valued at$ 672 million.

This isn’t the first time ARK has dropped COIN shares while rebalancing its portfolio and making significant sales, such as the one batch that sold almost$ 52 million value in March.

Cryptocurrency touched a new all-time deep on Tuesday of$ 108, 135, according to CoinGecko, surging double figures over a seven-day time. &nbsp,

However, Jerome Powell, the head of the Federal Reserve, delivered a discourse on Wednesday that was more aggressive than expected, revealing that the central bank doesn’t make significant cuts in 2025 as a result of its most recent interest rate reductions.

Along with U. S. stocks, the price of Bitcoin and other important electronic currencies and currencies dropped quickly on the news. And the dip simply accelerated on Thursday.

Bitcoin’s price currently stands at$ 97, 430 after having dropped by nearly 4 % in the last day. Tech stocks have been the biggest online property by market cap this year, especially now that Donald Trump has been elected on November 5. &nbsp,

The ex-President, who will have another chance at running America in January, has promised to reduce regulation and support the modern commodity business. He has now hired Silicon Valley software luminaries to assist in the administration’s direction.