Wood Dumps Alibaba, Buys More Coinbase and SpaceX

Cathie Wood's ARK Investment Management has made significant changes to its portfolio. The firm dumped $54 million of Alibaba (BABA) stock, reducing its stake by approximately 2.3%. This move comes as Alibaba continues to face regulatory challenges in China.

In a contrasting move, Cathie Wood's firm increased its stake in Coinbase (COIN), Palantir (PLTR), and SpaceX (SPCX). The investment in Coinbase was particularly notable, with ARK purchasing an additional $15.7 million worth of shares. This brings the total value of COIN holdings to over $140 million.

The changes reflect Cathie Wood's ongoing efforts to adapt her portfolio to shifting market conditions and regulatory developments. While Alibaba faces challenges in China, Coinbase continues to grow as a leading cryptocurrency exchange.