Cathie Wood-Led Ark Invest Sheds Shares Of Jack Dorsey's Block And Coinbase As Bitcoin, Ethereum Take A Breather

On Monday, Cathie Wood-led Ark Invest made significant trades, notably offloading shares of Coinbase Global Inc COIN and Block Inc SQ, despite cryptocurrency market fluctuations.

The COIN Trade

Ark Invest sold 30,458 shares of Coinbase through its flagship ARK Innovation ETF ARKK. The transaction amounted to $7.3 million. For the day, Coinbase shares closed 1.13% lower at $239.62. Major cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD traded lower as investors theorized that the markets had become overheated following the approval of spot ETFs, according to a previous report.

Ark Invest decided to sell a substantial number of shares in Coinbase last week as well, despite Bitcoin reaching new all-time highs recently. It was reported earlier that a surge in investments into U.S.-based exchange-traded funds (ETFs) linked to Bitcoin, the digital currency peaked at $73,709. Bitcoin’s rise coincided with a record net inflow of $1.05 billion into Bitcoin spot ETFs on March 12.

The SQ Trade

Ark Invest also reduced its stake in Block Inc., formerly known as Square. The shares were sold at a closing price of $80.86 each, with the total value of the trade being $8.95 million. The trade was executed through the ARKK and ARK Next Generation Internet ETF ARKW, which saw a decrease of 0.0972% and 0.1008% in their holdings respectively.

See Also: Bitcoin, Ethereum, Dogecoin Surge Amid Selling Pressure Over The Weekend: Analyst Says King Crypto To Reach $100K-$150K Post Halving In April

Earlier, Cathie Wood had criticized Hindenburg for its ‘wildly misleading’ report which led to a sharp drop in the Jack Dorsey-led company’s share prices last year.

Other Key Trades:

• Ark Invest bought shares of Moderna Inc MRNA through its ARKG and ARKK ETFs.
• Shares of Twilio Inc TWLO were sold through the ARKK and ARKW ETFs.
• Ark Invest increased its stake in Unity Software Inc U across the ARKK, ARKQ, and ARKW ETFs.

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