ARK Invest, led by Cathie Wood, has been offloading its holdings of Coinbase (COIN) shares as the stock continues to surge.
ARK Invest sold around $91 million worth of Coinbase (COIN) shares overall.
The renowned growth-focused fund ARK Invest, led by Cathie Wood, has revealed its ongoing offloading of Coinbase shares as the COIN continued to surge. The disclosure indicates that the firm sold 248,838 COIN shares, valued at just over $26 million based on Monday’s closing price of $105.55, which falls just short of the stock’s one-year high of $114.
This latest move by ARK Invest follows a series of recent sales of COIN shares as the stock has demonstrated strong performance. On July 14, the fund disclosed the sale of 480,000 COIN shares across three funds, amounting to $53 million based on the price of $112, which is the highest since April 2022. Additionally, the previous week witnessed ARK Invest sell $12 million worth of shares as Coinbase’s stock continued to rally.
Timeline of Cathie Wood’s ARK Invest Sales of COIN
ARK Invest held approximately $808 million worth of Coinbase (COIN) shares, accounting for 8.79% of their overall portfolio. However, they have recently sold around $91 million worth of Coinbase shares, representing approximately 11.5% of their total holding in the company.
Cathie Wood’s ARK Invest Explores New Avenues
As ARK Invest continues to divest its holdings of Coinbase, market observers are keen to analyze the motivations behind the fund’s decisions. The ongoing sales suggest that ARK Invest believes the stock has reached a favorable valuation or that it is reallocating its capital to other investment opportunities.
In a recent statement on Bloomberg, Cathie Wood expressed a positive outlook on Coinbase, particularly in light of the court ruling regarding Ripple vs SEC lawsuit. However, she mentioned that ARK Invest is choosing to take profits from its Coinbase holdings and reallocate the capital to other stocks that have not performed as well, referring to them as “laggards.”
Further, Cathie Wood’s ARK Invest funds made purchases of shares in Meta Platforms (formerly Facebook) and Robinhood on July 14. Cathie Wood had already started acquiring shares of Meta Platforms in June, following the announcement of the company’s new social networking platform called “Threads,” which bears similarities to Twitter.
ARK Invest, led by Cathie Wood, has been offloading its holdings of Coinbase (COIN) shares as the stock continues to surge.
ARK Invest sold around $91 million worth of Coinbase (COIN) shares overall.
The renowned growth-focused fund ARK Invest, led by Cathie Wood, has revealed its ongoing offloading of Coinbase shares as the COIN continued to surge. The disclosure indicates that the firm sold 248,838 COIN shares, valued at just over $26 million based on Monday’s closing price of $105.55, which falls just short of the stock’s one-year high of $114.
This latest move by ARK Invest follows a series of recent sales of COIN shares as the stock has demonstrated strong performance. On July 14, the fund disclosed the sale of 480,000 COIN shares across three funds, amounting to $53 million based on the price of $112, which is the highest since April 2022. Additionally, the previous week witnessed ARK Invest sell $12 million worth of shares as Coinbase’s stock continued to rally.
Timeline of Cathie Wood’s ARK Invest Sales of COIN
ARK Invest held approximately $808 million worth of Coinbase (COIN) shares, accounting for 8.79% of their overall portfolio. However, they have recently sold around $91 million worth of Coinbase shares, representing approximately 11.5% of their total holding in the company.
Cathie Wood’s ARK Invest Explores New Avenues
As ARK Invest continues to divest its holdings of Coinbase, market observers are keen to analyze the motivations behind the fund’s decisions. The ongoing sales suggest that ARK Invest believes the stock has reached a favorable valuation or that it is reallocating its capital to other investment opportunities.
In a recent statement on Bloomberg, Cathie Wood expressed a positive outlook on Coinbase, particularly in light of the court ruling regarding Ripple vs SEC lawsuit. However, she mentioned that ARK Invest is choosing to take profits from its Coinbase holdings and reallocate the capital to other stocks that have not performed as well, referring to them as “laggards.”
Further, Cathie Wood’s ARK Invest funds made purchases of shares in Meta Platforms (formerly Facebook) and Robinhood on July 14. Cathie Wood had already started acquiring shares of Meta Platforms in June, following the announcement of the company’s new social networking platform called “Threads,” which bears similarities to Twitter.