Cathie Wood’s investment firm, Ark Invest, recently sold 149,780 shares of Coinbase stock, totaling $24.2 million. The company made these sales as the stock reached new yearly highs. Specifically, Ark sold 132,782 shares from its Innovation ETF and 16,998 shares from its Next Generation Internet ETF. This move is part of Ark’s ongoing efforts to rebalance its fund weightings in response to the surge in COIN’s price. Over the past month, Ark has sold over $200 million worth of Coinbase stock.
Ark Sells $14 Million of GBTC
In addition to selling Coinbase shares, Ark also sold 398,383 GBTC shares for $14.3 million from its Next Generation Internet fund. This follows the $28 million worth of GBTC shares that were sold from the same ETF earlier this week. GBTC shares have seen significant growth alongside the rising value of bitcoin.
On the other hand, Ark purchased 158,334 shares in Jack Dorsey’s Block for its Next Generation Internet ETF. This amounts to $12.1 million worth of stock. Block has experienced positive performance recently, with a 31% increase over the past month and a 15% rise year-to-date.
Hot Take: Ark Invest Continues to Adjust Portfolio Amid Crypto Market Fluctuations
Cathie Wood’s Ark Invest continues to actively manage its portfolio in response to market conditions and price movements in cryptocurrency-related stocks. By selling off Coinbase and GBTC shares while acquiring more Block stock, Ark is strategically reallocating its investments. These moves reflect Ark’s outlook on the future performance and potential of these companies in the crypto market. As the industry continues to experience volatility, it will be interesting to see how Ark’s investment decisions evolve.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.