Cathie Wood Halts Coinbase Sell-Off Amid Bitcoin ETF Buzz, Jumps Back Into This Chip Giant After 5-Year Hiatus With $8M Investment
Portfolio Pulse from Shanthi Rexaline
Cathie Wood's Ark Investment Management paused its sell-off of Coinbase Global, Inc. (COIN) shares, after consistently selling since July 2023. Coinbase is a major holding in Ark's ETFs, including ARKK, ARKF, and ARKW. Despite the sell-off, the value of Ark's Coinbase stake increased by over $400 million due to a rally in the shares. Ark also invested $8M in Qualcomm, Inc. (QCOM) through ARKW and ARKQ, marking a re-entry after a 5-year hiatus. Additionally, Ark sold shares of Roku, Inc. (ROKU) and UiPath Inc. (PATH).
January 09, 2024 | 9:43 am
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NEGATIVE IMPACT
Ark Investment sold 139,379 shares of PATH.
The sale of PATH shares by Ark may suggest a bearish outlook or portfolio rebalancing, which could have a negative short-term impact on PATH's stock price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Ark Investment sold 32,971 shares of ROKU.
Ark's sale of ROKU shares could be interpreted as a negative signal, potentially leading to a short-term dip in ROKU's stock price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Ark Investment Management stopped selling COIN shares, which remain a top holding in its ETFs. The value of Ark's stake in COIN has increased significantly.
The halt in selling COIN shares by Ark Investment and the increased value of its stake suggest a positive short-term impact on COIN's stock price, especially with the potential approval of a spot Bitcoin ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ark Investment purchased $8M worth of QCOM shares, re-entering the stock after a 5-year break.
Ark's new investment in QCOM after a long hiatus indicates a bullish stance on the company's prospects, which could positively influence QCOM's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80