ARK Invest Sells $50.5 Million Worth of Coinbase Shares
ARK Invest, led by American investor Cathie Wood, has sold $50.5 million worth of Coinbase shares to take advantage of the recent crypto market rally. This follows their previous sale of $50 million worth of shares just a few days earlier.
Main Breakdowns:
- ARK Investment sold a total of 24,838 COIN shares through three different ETFs.
- The sales brought in approximately $26.3 million based on Coinbase’s closing price on Monday.
- ARK Invest also sold a significant chunk of its Tesla shares, totaling $13.1 million.
- These sales add to the previous $50 million worth of Coinbase shares sold on Friday.
- ARK Investment’s move to sell COIN shares could be indicative of changing investment strategies, with a focus on Meta Platforms.
Hot Take:
ARK Invest’s decision to sell off Coinbase shares amidst the crypto market rally suggests a calculated move to capitalize on the current market conditions. With the recent surge in prices and the favorable ruling in the SEC vs. Ripple legal battle, it remains to be seen if further divestment will follow. Additionally, the shift towards investing in Meta Platforms indicates a potential change in ARK Investment’s focus and strategy.
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