By NewsBTC - 9 months ago - Reading Time: 2 minutes
Ark Invest Sells Over $50 Million Worth of Coinbase Shares Amidst Stock Rally
Cathie Wood’s investment firm, Ark Invest, has made significant moves in its holdings of Coinbase shares, selling over $50 million worth of shares as the cryptocurrency exchange’s stock continues to surge.
This marked the second time in a week that Ark Invest reduced its stake in Coinbase, reflecting its active management approach amid a backdrop of regulatory developments and industry optimism.
At the same time, Ark Invest has been actively investing in other notable companies, including Meta Platforms and Robinhood.
Ark Invest Cashes In on Coinbase Rally
Ark Invest, led by Cathie Wood, sold a total of 478,356 shares of Coinbase on Friday, amounting to more than $50 million. The sales were spread across Ark’s flagship fund, Ark Innovation ETF, which sold 263,247 shares, Ark Next Generation Internet ETF, which sold 93,227 shares, and Ark Fintech Innovation ETF, which offloaded 121,882 shares.
This decision comes on the heels of Coinbase’s role as a surveillance-sharing partner for several spot Bitcoin ETF applicants, including industry giants BlackRock and Fidelity. Furthermore, recent legal rulings surrounding the status of the cryptocurrency XRP have added to the overall industry optimism.
However, despite the sales, Ark Invest remains the second-largest owner of Coinbase shares, holding a 6.30% stake.
Looking To The Future With Meta Platforms and Robinhood
While reducing its Coinbase holdings, Ark Invest has also been actively investing in other crypto-adjacent companies. The firm initiated purchases of shares in Meta Platforms (formerly Facebook) and Robinhood. In June, Ark Innovation ETF acquired 69,793 Meta shares, while Ark Fintech Innovation ETF purchased 111,843 shares of Robinhood.
Additionally, the Ark Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. These strategic investments reflect Ark Invest’s ongoing strategy to navigate the evolving digital asset market.
Ark Invest’s decision to trim its Coinbase holdings after significant acquisitions during market volatility and regulatory challenges demonstrates a calculated approach to secure profits amid the stock’s impressive rally this year and indicates a calculated effort to secure profits during the stock’s rally.
Also, it demonstrates the firm’s commitment to diversifying its portfolio for long-term growth potential, as evidenced by its investments in Meta Platforms and Robinhood.
As the crypto market continues to evolve, Ark Invest’s actions will be closely watched by market participants, looking for insights and guidance in navigating this dynamic landscape.
Original source: NewsBTC