Cathie Wood’s Ark Invest Continues to Sell Coinbase Shares
Cathie Wood’s investment firm, Ark Invest, has sold an additional $1.4 million worth of Coinbase shares, offloading 10,218 COIN from two of its funds. This follows last week’s sale of $15 million worth of Coinbase stock when COIN was trading at its highest level since April 2022.
Details of the Sales
Ark Invest sold 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and 7,248 ($1 million) from its Next Generation Internet ETF. These sales add to the previous ones, which amounted to $14.9 million in total.
Coinbase Stock Performance
Despite recent gains, Coinbase stock is still down over 60% from its all-time high during the November 2021 peak crypto bull market. Currently trading at $138.05, it has seen a 70% increase over the past month and a 286% increase year-to-date.
Ark Invest Adds Robinhood Shares
Ark Invest has also acquired an additional 14,702 Robinhood shares for its Fintech Innovation ETF. This purchase follows last week’s acquisition of $3 million worth of Robinhood shares. The timing coincides with Robinhood’s expansion into the UK market and its plans to introduce crypto trading services in the European Union.
Bitcoin Price Surge
Bitcoin briefly surged above $42,000 yesterday, reaching levels not seen since May 2022. It then corrected but has still risen over 150% year-to-date. Currently trading at $41,691, Bitcoin remains the top cryptocurrency by market cap.
Altcoin Performance
Ethereum (ETH) saw a 4% increase, trading above $2,250, while Binance Coin (BNB) rose 2%, and Solana (SOL) remained flat. The total cryptocurrency market cap surpassed $1.6 trillion for the first time since April 2022.
Hot Take: Ark Invest Continues to Adjust its Crypto Portfolio
Ark Invest’s recent sales of Coinbase shares indicate that the firm is actively managing its crypto holdings. While it has been reducing its exposure to Coinbase, it has simultaneously increased its position in Robinhood. This suggests that Ark Invest is adjusting its portfolio based on market conditions and investment opportunities. Additionally, Bitcoin’s surge above $42,000 highlights the ongoing volatility in the cryptocurrency market and the potential for significant price movements. Altcoins have also experienced some gains, contributing to the overall growth of the crypto market.
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