As Coinbase shares hit a 52-week high, ARK Invest, the investment management firm run by Bitcoin (BTC) bull Cathie Wood, has recently sold more shares in the cryptocurrency exchange.
Following ARK Invest’s major acquisition of Coinbase shares during the bear market, the investment firm has sold a portion of its Coinbase holdings for the second time this week. Meanwhile, Wood’s firm is actively investing in shares of Meta Platforms and Robinhood Markets.
Trading information seen by Cointelegraph reveals that on July 14, ARK Invest sold a total of 478,356 Coinbase shares valued at $53 million, matching the yearly high for the shares of $114.43.
Screenshot of ARK Invest trade notification. Source: ARK Trading Desk.
In the transactions, Wood’s flagship fund, the ARK Innovation ETF, sold 263,247 Coinbase shares, the ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and the ARK Fintech Innovation ETF dumped 35,666 shares of the exchange.
In June, Wood began buying shares in Meta Platforms after the company announced the launch of Threads, a Twitter-like social media app. ARK Innovation ETF bought 69,793 shares of Meta, while ARK Fintech Innovation ETF bought 111,843 shares of Robinhood. In addition, ARK Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.
Related: Allowing Coinbase To Go Public Was Not A ‘Blessing’ From Regulators: SEC
According to CoinMarketCap, the closing price of Coinbase shares on Friday was $105.31, down 1.58%, as investors locked in their profits. Over the week, the price was up 33%, hitting a 24-hour high of $114.43, which is up 213% year-to-date. Adding to the general rally in cryptocurrency-related stocks, Coinbase surged following summary judgment in the United States Securities and Exchange Commission lawsuit against Ripple.
Wood’s ARK Innovation ETF sold 135,152 Coinbase shares worth $12 million on July 11, and the ARK Fintech Innovation ETF sold 160,887 Coinbase shares in March.
Magazine: How Smart People Invest In Dumb Memecoins: 3 Point Plan For Success
This post ARK Invest Sells More Coinbase Shares, Watch Platforms Meta, Robinhood
was published first on https://cointelegraph.com/news/ark-invest-sells-more-coinbase-shares-eyes-meta-platforms-robinhood
