On Monday, Cathie Wood‘s Ark Invest made headlines with its strategic trades, notably selling over $24 million worth of Coinbase Global Inc shares as Bitcoin soared to an all-time highof $69,170.63. This move comes amidst a flurry of activity in the cryptocurrency market, highlighting Ark Invest’s tactical adjustments in response to the evolving financial landscape.
The Coinbase Trade
The firm sold 110,896 Coinbase shares through ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF). The transaction was valued at $24.03 million. On Tuesday, Coinbase shares closed 5.4% lower at $216.77.
Earlier on Monday, Ark Invest’s decision to offload nearly $31 million worth of Coinbase shares, as reported by Benzinga, coincided with Bitcoin rallying. Recently, Coinbase has faced challenges, experiencing significant outages amid increased traffic as Bitcoin surpassed $64,000, with users reporting incorrect balances.
The NVIDIA Trade
Ark Invest has continued its NVIDIA Corp, selling spree, on Tuesday it sold 5,835 shares through ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Genomic Revolution ETF (ARKG) and ARKF. The transaction was worth $5.01 million. For the day, Nvidia shares closed nearly 0.9% higher at $859.64.
Wood, renowned for her foresight in innovation markets like artificial intelligence, notably identified NVIDIA Corp’s potential in AI ahead of others.
However, Ark Innovation ETF, led by Wood, sold its Nvidia position prematurely in January, missing out on substantial price increases. Wood, known for her long-term investment approach, acknowledged the importance of taking profits when stocks surge.
The Tesla Trade
In contrast to its sales, Ark Invest bolstered its investment in Tesla Inc, underscoring Cathie Wood‘s belief in Tesla’slong-term growth potential.
Ark purchased a total of 79,956 Tesla shares through ARKK, ARKQ and ARKW. The transaction amounted to $14.45 million on the day when the Elon Musk-led company’s shares closed 3.9% lower at $180.74.
This move aligns with Wood’s optimistic view on Tesla’s future, particularly in the realm of autonomous vehicles, and signals confidence in the electric vehicle leader’s market trajectory.
The Palantir Trade
Also on Tuesday, Ark’s trades also included a notable purchase of Palantir Technologies Inc shares, amidst growing interest in the company’s data analytics solutions.
The firm bought 79,090 Palantir shares worth $1.9 million through ARK Space Exploration & Innovation ETF (ARKX). Palantir shares closed nearly 1% lower at $23.81 for the day.
This investment decision, as highlighted by Benzinga, reflects Ark Invest’s strategy to capitalize on Palantir’s expanding role in both the tech and defense sectors, anticipating significant growth.
Other Key Trades:
Increased holdings in Z Holdings Corp, reflecting a strategic interest in expanding its portfolio within the Asian tech market.
Investment in AvidXchange Holdings Inc, signaling confidence in the fintech sector’s growth potential.
Acquisition of shares in Sea Ltd, betting on the company’s expansive e-commerce and digital finance services in Southeast Asia.
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