On Monday, Cathie Wood-led Ark Invest made a significant move by selling a large number of shares in Coinbase Global Inc, even as Bitcoin hit all-time new highs on the same day.
The firm sold a total of 270,365 shares through its flagship ARK Innovation ETF, ARK Next Generation Internet ETF, and Ark Fintech Innovation ETF on Monday. The transaction was valued at a whopping $68.71 million. On the same day, Coinbase shares closed 0.95% lower at $254.17.
Ark Invest’s decision to offload Coinbase shares came amid a bullish trend in the cryptocurrency market. On the same day, Bitcoin surged past the $70,000 mark, setting a new all-time high, while Ethereum also crossed the $4,000 mark.
Last week, Ark Invest sold Coinbase shares as Bitcoin approached a new all-time high near $69,000. The sale coincided with a surge in Coinbase’s stock price, attributed to rising Bitcoin values. Earlier, Coinbase experienced technical issues amid increased trading activity, prompting CEO Brian Armstrong to acknowledge exceeding traffic expectations.
In addition to selling Coinbase shares, Ark Invest also made other key trades. The firm bought shares of Spotify Technology SA and SoFi Technologies Inc. They also purchased shares of Pinterest Inc while selling shares of StoneCo Ltd.
The illustration accompanying this article was created by Benzinga using a photo courtesy of Ark Invest.
Overall, Ark Invest’s moves in the market reflect their strategy of actively managing their investment portfolios to capitalize on market trends and opportunities. As the cryptocurrency market continues to evolve and reach new milestones, investors like Cathie Wood and Ark Invest are closely monitoring developments to make informed decisions for their portfolios.
