Cathie Wood's Ark Invest Offloads $6.9M Worth of Coinbase, Robinhood Shares Each Amid Searing Bitcoin Rally — Nvidia Stock Also Shed
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold shares of Coinbase and Robinhood worth approximately $6.9 million each, and Nvidia shares valued at $2.15 million, amidst a Bitcoin rally surpassing $56,000. The sales occurred through various ARK ETFs, reflecting adjustments in Ark's investment strategy despite previous positive remarks on Coinbase and Nvidia. Additionally, Ark Invest increased its stakes in ROKU, VCYT, TXG, TWST, and NTLA, indicating a bullish outlook on digital media and biotech sectors.
February 27, 2024 | 3:45 am
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NEGATIVE IMPACT
Ark Invest sold 35,509 Coinbase shares valued at $6.9 million through ARKK, despite a 16.85% rally in Coinbase shares.
The sale of Coinbase shares by Ark Invest, especially during a significant rally, could signal a bearish outlook from Ark on Coinbase's short-term performance, potentially influencing investor sentiment.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest offloaded 444,853 Robinhood shares through ARKW and ARKF, valued at nearly $6.9 million, after Robinhood's shares closed 7.7% higher.
Selling Robinhood shares after a positive earnings report and share price increase may indicate Ark's strategy to capitalize on the gains or a cautious stance on Robinhood's future growth, affecting investor outlook.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest sold 2,724 Nvidia shares through ARKG, valued at $2.15 million, despite a modest 0.35% increase in Nvidia's stock price.
The decision to sell Nvidia shares, despite its modest gain, could reflect Ark's profit-taking strategy or a reallocation of assets, potentially impacting Nvidia's stock perception in the short term.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 80