Cathie Wood's Ark Invest Sheds $6.4M Worth Of Coinbase Shares

Benzinga04-05

On Thursday, Cathie Wood-led Ark Invest made a significant move by selling shares of Coinbase Global Inc, despite the stock’s positive market performance on the same day.

The COIN Trade

Ark Invest’s decision to offload Coinbase shares came as a surprise to many, given the stock’s upward trajectory on the day of the trade. Notably major cryptocurrencies like Bitcoin and Ethereum traded mixed at the time of writing. The apex cryptocurrency was seen 2.7% higher at $67,632.08, while Ethereum traded 0.3% lower at $3,268.90.

According to a Benzinga report, Coinbase shares were trading higher on Thursday. The ETFs involved in the trade were Ark Fintech Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), which sold 22,690 and 2,972 shares respectively. The value of the trade, calculated from the latest closing price of $249.61, amounted to approximately $6.4 million.

Interestingly, the sale occurred on the same day that New York-based financial firm Oppenheimer raised its share price target for Coinbase to $276, up from a previous target of $200. This new target price is around 10% higher than Wednesday’s closing share price of Coinbase, which was $251.58.

Other Key Trades:

ARKF bought shares of SoFi Technologies Inc and of Roblox Corp.

ARKF sold shares of Twilio Inc, while ARKG bought those of 10x Genomics Inc and of Verve Therapeutics Inc.
ARKW bought shares of Roku Inc and sold shares of Twilio Inc.

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Comments

zetora420
04-05
zetora420
*typ0 error: "such as"
zetora420
04-05
zetora420
We don't factually know what happened behind the curtains... There are no right or wrong decisions on the part of Cathie Woods. This could be part of her midterm, broader portfolio adjustment/investment strategy to limit & reduce volatility risk exposures to the broader crypto market which is highly unpredictable and extremely volatile. Maybe Ark Invest want to reduce its overall exposure and volatility risks to cryptocurrencies. Maybe Woods have identified other investment opportunities and want to quickly reallocate her firm's funds to capitalize on alternative Investment windows saucy as the Fabulous Four or TSLA ( these are always much more profitable and attractive than holding onto Coinbase shares per se).
Guavaxf30
04-05
Guavaxf30
Ark has not been making very many positive decisions lately. If I am taking note of their moves, it will be to make moves counter to their activities. I feel this strategy has been more right than wrong of late.