Cathie Wood-led Ark Invest recently made significant trades, selling shares of Coinbase Global Inc (COIN) and Block Inc (SQ) despite cryptocurrency market fluctuations. The decision to offload these shares comes amidst a period of volatility in the cryptocurrency market, with major cryptocurrencies like Bitcoin (BTC/USD) and Ethereum (ETH/USD) trading lower.
Ark Invest sold 30,458 shares of Coinbase through its flagship ARK Innovation ETF (ARKK), amounting to $7.3 million. This move follows a previous decision to sell a substantial number of Coinbase shares last week, despite Bitcoin reaching new all-time highs. The decision to sell off these shares may be attributed to concerns about overheating in the market following the approval of spot ETFs.
In addition to selling shares of Coinbase, Ark Invest also reduced its stake in Block Inc, formerly known as Square. The shares were sold at a closing price of $80.86 each, with the total value of the trade amounting to $8.95 million. The trade was executed through the ARKK and ARK Next Generation Internet ETF (ARKW).
Despite these sell-offs, Ark Invest also made some key trades, including buying shares of Moderna Inc (MRNA) and increasing its stake in Unity Software Inc (U) across various ETFs. Shares of Twilio Inc (TWLO) were also sold through the ARKK and ARKW ETFs.
It is worth noting that Cathie Wood had previously criticized Hindenburg for its ‘wildly misleading’ report on Block Inc, which led to a sharp drop in the company’s share prices last year.
Overall, Ark Invest’s recent trades reflect a strategic shift in its investment portfolio, with a focus on adapting to market conditions and maximizing returns for its investors. As the cryptocurrency market continues to experience fluctuations, it will be interesting to see how Ark Invest navigates these challenges and positions itself for future growth.
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