Cathie Wood’s Ark Invest Sells $53 Million in Coinbase Shares, Diversifies into Meta and Robinhood


Cathie Wood

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Renowned for its forward-thinking investment strategies, Cathie Wood‘s Ark Invest has attracted close attention from investors seeking insights into the firm’s ever-evolving portfolio. In a recent development, Ark Invest has made significant moves, selling Coinbase shares worth an impressive $53 million while simultaneously adding Meta Platforms and Robinhood shares to its holdings.

As part of its ongoing effort to adjust its exposure to the cryptocurrency sector, Ark Invest decided to reduce its holdings in Coinbase, a leading cryptocurrency exchange. This move comes as no surprise, considering the firm’s proactive approach to capitalizing on market opportunities.

Coinbase Stock Surge: A Boon for Many!

Cathie Wood, a prominent Bitcoin bull, seized the opportunity to capitalize on Coinbase’s soaring stock price by selling a portion of Ark Invest’s Coinbase (COIN) holdings. On July 14, Ark Invest sold a total of 478,356 Coinbase (COIN) shares valued at $53 million. This decision coincided with Coinbase’s stock price reaching a yearly high of $114.43.

The sale of Coinbase shares affected various Ark Invest funds differently. Ark Innovation ETF (ARKK) sold 263,247 COIN shares, while ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares. Additionally, ARK Fintech Innovation ETF (ARKF) offloaded 35,666 COIN shares

Cashing In on the Ripple Effect

Coinbase’s impressive 33% rally throughout the week contributed to its year-to-date surge of 213%. However, on Friday, the stock experienced a 1.58% decline, closing at $105.31 as investors locked in profits. It’s worth noting that Coinbase’s surge, combined with positive developments in the ongoing US SEC v. Ripple lawsuit, also boosted other crypto-related stocks.

Read More: Cathie Wood Sees Binance’s Legal Troubles as an Advantage for Coinbase

A Look Into Ark’s Investments

In addition to the Coinbase sell-off, Cathie Wood’s Ark Invest made notable acquisitions of Meta Platforms (META) and Robinhood (HOOD) shares. This strategic move highlights Ark Invest’s commitment to diversifying its portfolio and capitalizing on new market opportunities.

Ark Innovation ETF (ARKK) acquired 69,793 META shares, while ARK Fintech Innovation ETF (ARKF) purchased 111,843 Robinhood shares. Furthermore, ARK Next Generation Internet ETF (ARKW) expanded its holdings by purchasing 12,559 META shares and 169,116 Robinhood shares.

Related: Bitcoin Will Hit $1 Million by 2030, Claims Ark Invest CEO Cathie Wood

During the week, Meta Platforms experienced a nearly 5% increase, with shares closing at $308.87 on Friday. Similarly, Robinhood’s stock price surged by 13%, ending the week with a closing price of $12.38.

Cathie Wood’s strategic moves in Ark Invest’s portfolio reflect the firm’s proactive approach to capitalizing on market opportunities and diversifying investments. These actions align with Ark Invest’s investment strategies and underscore Wood’s continued optimism in the cryptocurrency and technology sectors.