Cathie Wood’s Ark Invest made another move in the market last week, selling 478,356 shares of Coinbase valued at $53 million. This follows the previous sale of 135,152 Coinbase shares worth $12 million just a week earlier. The investment management firm seems to be reducing its exposure to the crypto exchange, taking advantage of the recent surge in stock prices.
On July 14, when Coinbase’s stock reached a yearly high of $114.43, Ark Invest sold its shares. The firm’s trading desk reported that Ark Next Generation Internet ETF sold 93,227 shares, ARK Innovation ETF sold 263,247 shares, and Ark Fintech Innovation ETF sold 121,882 shares. In total, these sales amounted to $53 million based on the closing price of around $110 on Friday. Despite the sell-off, Ark Invest still holds a 6.30% stake in Coinbase, making it the second-largest owner of the crypto exchange’s shares.
Following the launch of Threads, a new microblogging platform by Meta Platforms, Cathie Wood’s Ark Invest started showing interest in the company. On Friday, Ark Innovation ETF purchased 69,793 Meta shares worth over $21 million, and Ark Fintech Innovation ETF acquired 111,843 shares of Robinhood valued at $1.3 million. Ark Next Generation Internet ETF also increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. In total, Ark Invest invested $24 million in Meta shares and $3.3 million in Robinhood shares.
Ripple’s Legal Victory
Coinbase’s stock price surge can be attributed in part to a recent US court ruling in favor of Ripple in an ongoing lawsuit. Judge Torres declared that selling XRP on exchanges does not constitute an investment contract. This ruling has given hope to Coinbase and other crypto-related entities facing legal battles, such as the ongoing case with the US Securities and Exchange Commission (SEC). Following the court’s decision, the crypto market experienced a rally, with XRP’s price increasing by almost 70%. Coinbase, being the largest US-based exchange, also saw a significant boost in its stock prices. Since the court ruling, COIN has risen by nearly 25%.
Cathie Wood’s Ark Invest made strategic moves in the market last week, capitalizing on the surge in stock prices. By selling off Coinbase shares and increasing its holdings in Meta Platforms and Robinhood, Ark Invest demonstrated its agility in adjusting its portfolio. The recent court ruling in favor of Ripple further contributed to the rise in Coinbase’s stock prices. It remains to be seen how the legal battles will unfold for Coinbase and other companies in the crypto industry, but for now, Ark Invest continues to navigate the market with a keen eye for opportunities.
Leave a Reply