ARKK - Cathie Wood's Ark Invest Sheds $9.3M Worth Of Coinbase Shares Amid Bitcoin Rally — Robinhood Stock Also Sold | Benzinga
On Tuesday, Cathie Wood-led Ark Invest adjusted its portfolio, making significant trades. Among these, the firm’s decision to sell $9.3 million worth of Coinbase Global Inc (NASDAQ:COIN) shares stood out, especially as Bitcoin (CRYPTO: BTC) and other cryptocurrencies continue to soar.
Bitcoin hit a 27-month high of around $57,000, driving optimism fueled by investments in spot Bitcoin ETFs. Ethereum (CRYPTO: ETH) also experienced a significant rally. Analysts predict potential corrections but foresee a bullish trajectory, with projections of the apex coin reaching $88,000 by 2024.
The Coinbase Trade
The firm sold 46,531 Coinbase shares through its flagship ARK Innovation ETF (NYSE:ARKK). On Tuesday, Coinbase shares closed 2.7% higher at $199.22.
Ark Invest’s sale of Coinbase shares comes at a time when the cryptocurrency exchange is positioned favorably within the market, as highlighted in recent Benzinga coverage. Despite this, the firm offloaded a significant portion of its holdings, aligning with Cathie Wood’s earlier comments on the company being “in the right place at ...