Cathie Wood Drops $13.5 Million of One of Her Favorite Stocks

In related news, bitcoin is trading at a nine-month high.

Cathie Wood has been a big booster of cryptocurrencies and the companies that provide the infrastructure for their trading. 

But actions speak louder than words and Wood's Ark Invest may be losing a bit of confidence in the space. 

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Ark Invest dumped 160,887 Coinbase  (COIN) - Get Free Report shares worth $13.5 million from its Ark Fintech Innovation ETF  (ARKF) - Get Free Report Tuesday. Ark is making the move higher Wednesday as the crypto exchange platform traded at a seven-month high above $84 per. 

Bitcoin, the world's most popular cryptocurrency, is trading at a nine-month high, closing in on $29,000.

Despite the move, Wood doesn't seem to actually be down on the crypto space, instead seeing bitcoin as a safe haven. 

"In the face of the U.S. and European banking crises, bitcoin’s price appreciation suggests that lax regulatory oversight had no impact on the decentralized, transparent, and auditable crypto asset ecosystem," Wood said in an Ark newsletter this week. 

"Quite the opposite, bitcoin and other crypto assets are acting like safe havens."

Wood believes that cryptocurrency's main attributes are precisely what is needed in the current environment.

"Demand for more transparent, auditable, and decentralized financial services has soared because, in our view, crypto is a solution to the central points of failure, the opacity, and the regulatory lapses in the traditional financial system," the newsletter said.