Cathie Wood’s Ark Investment Management has continued to trim some high-profile stocks, including some with links to the cryptocurrency space. This trend continued on Monday.
Crypto-Linked Stock Sales: Ark sold shares of cryptocurrency exchange Coinbase Global, Inc. COIN, trading platform Robinhood Markets, Inc. HOOD, and Jack Dorsey‘s payment processing firm Block, Inc. SQ.
Robinhood allows cryptocurrency trading on its platform. Block’s subsidiary, Spiral, offers Bitkey, a self-custody crypto hardware wallet that allows investors to manage and store their Bitcoin outside of exchanges.
Details of the transactions are as follows:
- Coinbase: 74,291 shares ($20.78 million)
- Robinhood: 1,651,251 shares ($31.51 million)
- Block: 95,178 shares ($7.86 million)
Interestingly, all three stocks rallied on Monday, mirroring the rebound in cryptocurrency prices. Coinbase remains the top holding of Ark’s flagship exchange-traded fund, the Ark Innovation ETF ARKK.
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Nvidia And Zoom Trimming
Ark has nearly sold off its entire holding in high-flyer Nvidia Corp. NVDA. This aligns with Wood’s previous comments suggesting Nvidia’s valuation is stretched, and that there are other companies with disruptive potential whose stocks haven’t yet priced in their growth opportunities.
ARKK currently does not hold any Nvidia stock. On Monday, the ARK Genomic Revolution ETF ARKG sold 1,669 Nvidia shares valued at $1.59 million.
Ark also sold 186,809 shares of COVID-19 play Zoom Video Communications, Inc. ZM worth $12.46 million. The company’s share price has significantly fallen from its COVID highs of nearly $600 in October 2020 and currently trades around $67.
ARKK traded up 1.03% at $50.77 in premarket trading on Tuesday, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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