On Tuesday, Cathie Wood-led Ark Invest made significant moves in the stock market, notably selling shares of Coinbase Global Inc COIN amidst a turbulent cryptocurrency market. This decision reflects the firm’s strategic adjustments in response to the current economic landscape.
Notably, Bitcoin BTC/USD and Ethereum ETH/USD, two of the largest cryptocurrencies were trading lower amid $116 million worth of liquidations.
The Coinbase Trade
Ark sold 34261 Coinbase shares on Tuesday through its flagship ARK Innovation ETF ARKK and also the ARK Next Generation Internet ETF ARKW. The transactions were valued at nearly $5.5 million. For the day, Coinbase shares closed 5.04% higher at $161.16.
Ark Invest’s decision to sell shares of Coinbase Global comes at a time when the cryptocurrency market is increasingly volatile. According to recent reports, this move aligns with Wood’s broader strategy of navigating through the crypto sector.
The Robinhood Trade
Regarding the sale of Robinhood Markets Inc HOOD shares, Ark’s decision follows a period of juggling its crypto portfolio, as detailed in a recent analysis.
Ark sold 121,100 shares of the retail-investor-focused trading platform on Tuesday. The transaction was made through Ark Fintech Innovation ETF ARKF and was valued at $1.6 million. Robinhood shares closed 10.4% higher at $13.17 for the day. Notably, the uptrend in Robinhood shares was attributed to positive market momentum in an earlier Benzinga report.
Other Key Trades:
- Buying additional shares of Zoom Video Communications ZM through ARKW.
- Reducing holdings in UiPath Inc PATH, a leader in robotic process automation through ARKK.
See Also: Early Believer In Tesla And Nvidia, Cathie Wood And Her Firm Changed Modern Investing
Ark Invest’s recent trades underscore the firm’s dynamic investment strategy, adapting to market trends and uncertainties. As the investment landscape continues to evolve, particularly in the tech and crypto sectors, Ark’s moves are closely watched by investors and analysts alike.
Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
