Ark Invest Sells $44.7 Million Worth of Coinbase Shares
Investment manager Ark Invest recently sold 217,305 shares of Coinbase from its Innovation exchange-traded fund (ARKK), totaling $44.7 million. The company made this move to rebalance its fund weightings due to the surge in COIN’s price over the past month. Specifically:
– On Wednesday alone, Ark Invest sold 86,298 Coinbase shares worth over $17 million.
– The week before last, Ark Invest offloaded $16 million worth of Coinbase stock.
Despite these sales, Coinbase stock has been performing well in the market:
– At market close on Friday, Coinbase stock traded at $205.77.
– This represents a 22% increase for the week and a 60% increase over the past month.
– Over the past year, the stock has gained over 150%, although it remains 40% below its all-time high of $342.98 set during November 2021’s crypto bull market peak.
Coinbase Stock Hits Multi-Month Highs Amid Temporary Platform Glitch
Coinbase experienced heavy web traffic that caused a temporary glitch on its platform resulting in a $0 balance display error. Despite this technical issue, Coinbase’s stock reached multi-month highs:
– On Wednesday, COIN closed above the $200 mark for the first time since January 2022.
– The glitch occurred as daily trading volume more than doubled to over $8.6 billion.
According to The Block’s data dashboard, Coinbase is currently valued at $38.3 billion.
Ark Invest Sells $11.4 Million Worth of Robinhood Shares
In addition to selling Coinbase shares, Ark Invest also offloaded 686,864 shares of Robinhood from its Next Generation Internet (ARKW) and Fintech Innovation (ARKF) funds. This amounted to approximately $11.4 million. Here are some key details:
– Robinhood’s stock and crypto trading app closed at $16.58 on Friday.
– Over the past week, the stock gained more than 12% and has increased by 50% over the past month.
On Thursday, Robinhood’s self-custodial crypto wallet integrated token swaps on the Layer 2 network Arbitrum, expanding its offerings beyond Ethereum and Polygon-based swaps.
Hot Take: Ark Invest Adjusts Its Portfolio Amid Crypto Market Surge
As the price of cryptocurrencies continues to rise, investment manager Ark Invest has made strategic adjustments to its portfolio. The company sold a significant amount of Coinbase shares from its Innovation exchange-traded fund (ARKK), totaling $44.7 million. Additionally, Ark Invest offloaded Robinhood shares worth $11.4 million.
Despite these sales, both Coinbase and Robinhood stocks have been performing well in the market. Coinbase reached multi-month highs and experienced heavy web traffic that caused a temporary glitch on its platform. On the other hand, Robinhood’s stock and crypto trading app saw significant gains over the past month.
As the crypto market remains volatile, it is crucial for investment managers like Ark Invest to rebalance their portfolios accordingly to mitigate risks and maximize returns.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice.
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