Cathie Wood’s investment management firm ARK Invest has reduced its exposure to several crypto-related stocks and funds.
What Happened: According to data from an ARK Invest ETF Holdings Tracker, the ARK Innovation ETF (NYSEARCA: ARKK) sold 110,192 shares of crypto exchange Coinbase Global Inc (NASDAQ:COIN) over the past week for a total of $107 million.
The ARK Next Generation Internet ETF (NYSEARCA: ARKW) and Ark Fintech Innovation ETF (NYSEARCA: ARKF) also sold 19,463 and 5,258 shares of Coinbase over the same period.
Coinbase wasn’t the only crypto exchange that ARK reduced exposure to, however.
The past week saw the ARK Innovation ETF selling 127,000 shares of Robinhood Markets Inc (NASDAQ:HOOD) worth $41 million.
ARK’s Next Generation Internet ETF also reduced some of its exposure to Bitcoin (CRYPTO: BTC), selling 157,443 shares, amounting to $16 million, in the Grayscale Bitcoin Trust (OTC:GBTC) over the week.
Still, ARK remains the largest shareholder in GBTC with a 1.28% stake in the largest publicly traded Bitcoin trust.
It is also worth noting that even after reducing its holdings in Coinbase, the pro-crypto investment firm holds a position of over $1.52 billion in the U.S. crypto exchange.
Earlier this week, Wood took to Twitter to respond to Michael Burry’s bet against the ARK Innovation ETF.
“To his credit, Michael Burry made a great call based on fundamentals and recognized the calamity brewing in the housing/mortgage market. I do not believe that he understands the fundamentals that are creating explosive growth and investment opportunities in the innovation space,” Wood stated in a series of tweets.
Price Action: At press time, Bitcoin was trading at $44,608, losing just 0.18% over the past 24-hours.
The overall crypto market cap stood at $1.93 trillion, down by 3.90% over the same period.