Cathie Wood's Ark Invest Sells Nearly $31M Worth Of Coinbase Shares Amid Searing Bitcoin Rally — Loads Up On Mark Zuckerberg's Meta Platforms

Cathie Wood-led Ark Invest sold nearly $31 million worth of Coinbase Global Inc COIN shares as Bitcoin BTC/USD flirted with a new all-time high, nearing the $69,000 mark on Monday.

The Coinbase Trade

On Monday, Ark Invest sold 134,749 Coinbase shares through ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. The transaction was valued at $30.88 million. Coinbase shares shot up 11.4% to $229.15 in regular trading for the day and gained another 3.8% in the after-hours trading.

The upswing in the share prices was attributed to soaring Bitcoin prices, according to a prior report. Coinbase faced a significant recent outage amidst heightened traffic as Bitcoin hit the $64,000 mark, with users reporting incorrect balances. Despite preparations, CEO Brian Armstrong noted that the traffic exceeded the company’s expectations.

See Also: Warren Buffett Warns Of Casino-like Behavior In Markets As Coinbase Crashes Because Of Heightened Trading Volumes

The Robinhood Trade

Alongside the Coinbase sale, Ark Invest also reduced its stake in Robinhood Markets Inc HOOD, another platform facilitating cryptocurrency trades. The firm sold 50,600 Robinhood shares through ARKW and ARKF. The transaction was valued at $841,478. Robinhood shares closed 0.3% higher at $16.63 on Monday.

This decision follows Robinhood’s Q4 earnings, which surpassed expectations, signaling a robust start to 2024. Analysts have lauded Robinhood’s performance, emphasizing its solid end to 2023 and optimistic outlook, as discussed in Benzinga’s analysis.

The Meta Platforms Trade

While Ark Invest sold cryptocurrency-related stocks on Monday, it loaded up on shares of the Mark Zuckerberg-led Meta Platforms Inc META to the tune of $6.23 million. Ark purchased 12,498 Meta shares through ARKF. On Monday, Meta Platforms shares closed 0.8% lower at $498.19.

Furthermore, Ark Invest’s activity on Monday included purchasing shares of META Platforms Inc META, indicating a bullish stance on the social media conglomerate. This acquisition aligns with the recent fluctuations in META’s stock value, as investors and analysts closely monitor the company’s strategic moves in the evolving digital landscape.

Other Key Trades:

• SOFI Technologies Inc SOFI saw a significant increase in shares bought, highlighting Ark’s confidence in the fintech sector.
• Roblox Corp RBLX and Toast Inc TOST purchases reflect Ark’s investment in technology and software platforms.
• The sale of Twilio Inc TWLO and StoneCo Ltd STNE shares suggests a strategic portfolio adjustment in response to market conditions.

Photo courtesy of Ark Invest

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