Ark Invest, the investment management firm of Bitcoin bull Cathie Wood, sold shares of Coinbase (COIN) as the stock price hit a 52-week high. Ark Invest divested some of its Coinbase holdings for the second time this week, after purchasing millions of Coinbase shares during the bear market. Meanwhile, Cathie Wood continues her stake in Meta Platforms (META) and Robinhood Markets (HOOD).
Bitcoin bull sells COIN shares
According to transactions, on July 14, Cathie Wood’s Ark Invest funds sold a total of 478,356 Coinbase (COIN) shares valued at $53 million, with the price hitting a year high of $114.43. Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) sold 263,247 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 35,666 COIN shares. The COIN stock price fell 1.58 percent to $105.31 on Friday as investors reserve their profits. The COIN price hit a 24-hour high of $114.43, while the stock price is up 33% this week and 213% year-to-date.
Along with other crypto-related stocks, Coinbase also filed a U.S. SEC v. It made a splash in response to the summary verdict in the Ripple case. cryptocoin.com As we reported, Cathie Wood’s ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11, and the ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares in March.
META and HOOD buy their shares
In addition, Cathie Wood’s Ark Invest funds acquired shares of Meta Platforms (META) and Robinhood (HOOD) on Friday. Cathie Wood began buying Meta Platforms shares in June, when the firm announced that it was launching its Twitter-like social media app “Threads.” ARK Innovation ETF (ARKK) bought 69,793 META shares and ARK Fintech Innovation ETF (ARKF) bought 111,843 Robinhood shares. Meanwhile, the ARK Next Generation Internet ETF (ARKW) added 12,559 META and 169,116 Robinhood shares.
META shares closed at $308.87 on Friday. It’s up about 5 percent this week. Robinhood stock price is up 13 percent this week, with a closing price of $12.38 on Friday. The investment moves of Cathie Wood, known as one of the leading names in the investment world, are closely watched by market participants. Ark Invest’s decision to buy Meta Platforms and Robinhood shares while selling a portion of Coinbase shares reflects the firm’s strategy of actively managing its portfolio to seize opportunities and drive market trends.
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