On Monday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency market, continuing its trend of selling shares of Coinbase Global Inc COIN. This decision comes amidst a buoyant period in the crypto world with the apex cryptocurrency, Bitcoin BTC/USD, trading above the psychologically important $40,000 mark. The rally in cryptocurrencies has been fueled by a myriad of factors including pending spot Bitcoin ETF decisions.
Ark Invest offloaded over $1.4 million worth of Coinbase’s shares, while simultaneously increasing its stake in Robinhood Markets Inc HOOD.
The Coinbase Trade
Ark sold 10,218 Coinbase shares through its flagship ARK Innovation ETF ARKK and Ark Fintech Innovation ETF ARKF. The trade was valued at $1.44 million. Coinbase shares closed nearly 5.5% higher at $141.09 on Monday.
Ark Invest’s decision to sell a substantial portion of its Coinbase shares reflects a strategic shift in its cryptocurrency portfolio. This move, aligning with recent market trends and Ark’s investment philosophy, indicates a nuanced approach to the volatile crypto sector. According to Benzinga’s analysis, this trade could be a response to the anticipation surrounding the evolving landscape of digital currencies and blockchain technology.
See Also: Here’s How Much $100 Invested In Bitcoin Today Will Be Worth If Crypto Hits New All-Time High
Other Key Trades:
- Ark Invest bought 14,702 shares of Robinhood Markets Inc HOOD through ARKF, further diversifying its portfolio in the fintech sector.
- Purchase of 24,696 shares of Toast Inc TOST via ARK Next Generation Internet ETF ARKF, indicating a growing interest in the digital payment and restaurant technology space.
- Significant investment in PagerDuty Inc PD through ARKW, with 136,630 shares bought by ARKK and 24,358 by ARKW, showcasing confidence in cloud computing and IT management.
Read Next: Cathie Wood’s Clever Move: How Ark CEO Stayed Cool Amid ARM IPO Hype
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