Cathie Wood's Ark Invest Continues to Jettison Coinbase Shares As Anticipation Builds Around Approval of Bitcoin Spot ETF

On Thursday, Cathie Wood-led Ark Invest made a significant move by selling a substantial amount of Coinbase Global Inc COIN shares.

The Coinbase Trade
Ark Invest’s decision to offload $4.7 million worth of Coinbase shares aligns with the recent market trends and Wood’s strategic adjustments in her portfolio. Ark sold a total of 37,377 Coinbase shares through ARK Next Generation Internet ETF ARKW.

This week Wood juggled her crypto portfolio by adding Robinhood shares while offloading Coinbase shares as the frenzy builds around the potential approval of a Bitcoin BTC/USD spot ETF.

This trade is particularly noteworthy given Coinbase’s recent achievement of a new 52-week high, as detailed in a recent Benzinga report.

Other Key Trades:

• Ark Invest purchased 13,018 shares of 10X Genomics Inc TXG, reflecting a growing interest in the genomics sector through ARK Genomic Revolution ETF ARKG.
• The firm also increased its stake in Teladoc Inc TDOC by buying 57,429 shares, betting on the telehealth industry’s expansion via ARKG.
• A notable sale included 8,305 shares of Shopify Inc SHOP, aligning with recent shifts in the e-commerce space through the flagship ARK Innovation ETF ARKK.
• Another significant purchase was 143,107 shares of Pure Storage Inc PSTG, indicating a focus on data storage solutions through ARKW.

See Also: Coinbase CEO Brian Armstrong On Binance’s Settlement, Building A Company Offshore

Ark Invest’s recent trades, particularly the sale of Coinbase shares, demonstrate Wood’s adaptive approach to portfolio management in a rapidly evolving market. As the cryptocurrency and tech sectors continue to evolve, these strategic moves by Ark Invest will be closely watched by investors and market analysts alike.

Photo Courtesy: Ark Invest

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