Cathie Wood Sold Coinbase Stock (NASDAQ:COIN) — and Probably for a Good Reason

If ARK Invest CEO Cathie Wood bought or sold a stock, it’s reasonable to assume that she had a good reason for doing this. I’m not saying that anyone should blindly follow Wood’s trades, but perhaps we can get a sense of why Wood’s ARK Innovation ETF (NYSEARCA:ARKK) would sell Coinbase Global (NASDAQ:COIN) stock. Personally, I’m neutral on COIN stock, as I like Bitcoin (BTC-USD), but I’m concerned about Coinbase’s current valuation.

Coinbase Global is possibly the most famous U.S.-based cryptocurrency trading platform (Binance might also claim that title). Consequently, Coinbase stock has a tendency to follow the price of Bitcoin, though it’s not a one-to-one correlation.