On Tuesday, Cathie Wood-led Ark Invest adjusted its portfolio, making significant trades. Among these, the firm’s decision to sell $9.3 million worth of Coinbase Global Inc COIN shares stood out, especially as Bitcoin BTC/USD and other cryptocurrencies continue to soar.
Bitcoin hit a 27-month high of around $57,000, driving optimism fueled by investments in spot Bitcoin ETFs. Ethereum ETH/USD also experienced a significant rally. Analysts predict potential corrections but foresee a bullish trajectory, with projections of the apex coin reaching $88,000 by 2024.
The Coinbase Trade
The firm sold 46,531 Coinbase shares through its flagship ARK Innovation ETF ARKK. On Tuesday, Coinbase shares closed 2.7% higher at $199.22.
Ark Invest’s sale of Coinbase shares comes at a time when the cryptocurrency exchange is positioned favorably within the market, as highlighted in recent Benzinga coverage. Despite this, the firm offloaded a significant portion of its holdings, aligning with Cathie Wood’s earlier comments on the company being “in the right place at the right time” after a previous sale.
See Also: Cathie Wood Prop For Roku: Ark Swoops Up $107.5M Worth Of Shares After 24% Plunge But…
The Robinhood Trade
On Tuesday, Ark sold 234,053 Robinhood shares through ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. For the day, Robinhood shares closed 4.2% higher at $16.25.
A day earlier, Ark Invest sold Robinhood Markets Inc. HOOD shares following the company’s Q4 earnings report, which showcased a revenue beat and a promising start to the first quarter. During that sale, a total of $6.9 million worth of shares were offloaded by Ark.
Other Key Trades:
- Ark Invest increased its investment in Unity Software Inc U, buying shares across multiple funds, signaling strong confidence in the company’s growth prospects.
- The firm also showed interest in the healthcare sector, with purchases of Veracyte Inc VCYT and Natera Inc NTRA, underscoring a diversification strategy beyond tech and crypto.
- Despite the bullish moves on select stocks, Ark sold off shares in Twilio Inc TWLO and Teladoc Inc TDOC, reflecting a strategic pivot or reallocation within its portfolio.
Photo courtesy: Ark Invest
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