Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. COIN, Palantir Technologies Inc. PLTR, and Nvidia Corp. NVDA. These trades were made amidst a backdrop of fluctuating market conditions and strategic investment decisions.

The COIN Trade

Despite a recent uptick in Bitcoin BTC/USD prices, Ark Invest sold 77,561 shares of Coinbase from ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. The value of the trade, based on the last closing price of $263.01, was nearly $20.34 million.

A day earlier, the firm sold 24,141 Coinbase shares worth $6.06 million despite an uptick seen in both Coinbase shares and Bitcoin BTC/USD. At the time of writing, Bitcoin traded above the psychologically important $70K mark, despite declining 0.2% over 24 hours.

The PLTR Trade

On the same day, Ark Invest purchased shares of Palantir. This move aligns with Ark’s deepening investment in AI, as evidenced by its recent stake in OpenAI, the parent company of ChatGPT. The value of the PLTR trade, calculated from the last closing price of $22.84, is $162,232.

The NVDA Trade

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Ark Invest also sold shares of Nvidia, a leading player in the AI industry. This decision was made despite the market’s continued outperformance expectations for the stock. The value of the NVDA trade, based on the last closing price of $906.16, is $2.55 million.

Other Key Trades:

• Ark Invest bought shares of Teladoc Inc. TDOC.
• Ark Invest sold shares of UiPath Inc. PATH. Ark Invest bought shares of Recursion Pharmaceuticals RXRX.

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