Cathie Wood’s Ark Invest Sheds $9.3M Worth Of Coinbase Shares Amid Bitcoin Rally — Robinhood Stock Also Sold
By Benzinga
On Tuesday, Cathie Wood-led Ark Invest adjusted its portfolio, making significant trades. Among these, the firm’s decision to sell $9.3 million worth of Coinbase Global Inc (NASDAQ:COIN) shares stood out, especially as Bitcoin (CRYPTO: BTC) and other cryptocurrencies continue to soar.
Bitcoin hit a 27-month high of around $57,000, driving optimism fueled by investments in spot Bitcoin ETFs. Ethereum (CRYPTO: ETH) also experienced a significant rally. Analysts predict potential corrections but foresee a bullish trajectory, with projections of the apex coin reaching $88,000 by 2024.
The Coinbase Trade
The firm sold 46,531 Coinbase shares through its flagship ARK Innovation ETF (NYSE:ARKK). On Tuesday, Coinbase shares closed 2.7% higher at $199.22.
Ark Invest’s sale of Coinbase shares comes at a time when the cryptocurrency exchange is positioned favorably within the market, as highlighted in recent Benzinga coverage. Despite this, the firm offloaded a significant portion of its holdings, aligning with Cathie Wood’s earlier comments on the company being “in the right place at the right time” after a previous sale.
See Also: Cathie Wood Prop For Roku: Ark Swoops Up $107.5M Worth Of Shares After 24% Plunge But…
The Robinhood Trade
On Tuesday, Ark sold 234,053 Robinhood shares through ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). For the day, Robinhood shares closed 4.2% higher at $16.25.
A day earlier, Ark Invest sold Robinhood Markets Inc. (NASDAQ:HOOD) shares following the company’s Q4 earnings report, which showcased a revenue beat and a promising start to the first quarter. During that sale, a total of $6.9 million worth of shares were offloaded by Ark.
Other Key Trades:
- Ark Invest increased its investment in Unity Software Inc (NYSE:U), buying shares across multiple funds, signaling strong confidence in the company’s growth prospects.
- The firm also showed interest in the healthcare sector, with purchases of Veracyte Inc (NASDAQ:VCYT) and Natera Inc (NASDAQ:NTRA), underscoring a diversification strategy beyond tech and crypto.
- Despite the bullish moves on select stocks, Ark sold off shares in Twilio Inc (NYSE:TWLO) and Teladoc Inc (NYSE:TDOC), reflecting a strategic pivot or reallocation within its portfolio.
Photo courtesy: Ark Invest
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