American investor Cathie Wood’s ARK Invest sold another $50.5 million worth of Coinbase shares to cash in on the recent crypto market rally.
ARK Sells COIN Shares
In recent trade disclosures, it has been revealed that funds associated with Cathie Wood’s ARK Investment have continued to divest shares of Coinbase Global Inc. and Tesla Inc. On Monday, substantial sales were made where three different ARK exchange-traded funds (ETFs) sold off a total of 24,8838 COIN shares.
The ARK Fintech Innovation ETF (ARKF) sold 76,788 shares of Coinbase (COIN), while the ARK Innovation ETF (ARKK) sold 127,266 shares, and the ARK Next Generation Internet ETF (ARKW) sold 44,784 shares. Based on Coinbase’s closing price of $105.55 on Monday, the sales brought in approximately $26.3 million.
The company has also sold a significant chunk of its Tesla shares (TSLA), again through different funds. The ARK Innovation ETF sold 38,329 Tesla shares, while the ARK Next Generation Internet ETF sold 6,855 shares, bringing in a total of $13.1 million, based on Tesla’s closing price of $290.38 on Monday.
COIN Hits Annual High
These sales add to the $50 million worth of Coinbase shares it sold on Friday when the share prices hit a yearly high of $114.43. The investment firm had made significant acquisitions of Coinbase shares during the bear market.
As of late, the crypto industry has been going through a much-need rally, with Coinbase stock riding a 52-week high. ARK Investment clearly wants to make the most of this price rally and has therefore chosen to divest a sizeable percentage of its COIN holdings for the second time in less than a week.
ARK Swivelling To META?
There has been an uptick in the market prices lately, owed partially to the recent crypto-favorable ruling in the SEC vs. Ripple legal battle. The upcoming weeks might experience even stronger rallies. It remains to be seen if Wood decides to cash in further on the moment by divesting all COIN shares.
The move to sell COIN shares could also be reflective of Wood’s decision to change up her investment strategy. In fact, following the announcement of Mark Zuckerberg’s Threads, a social media platform similar to Twitter, Wood decided to invest heavily in Meta Platforms. In fact, ARK Innovation ETF has already acquired 69,793 META shares, while ARK Next Generation Internet ETF purchased 12,559 META shares.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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