Cathie Wood's Ark Invest Keeps Dumping Coinbase Shares Amid Bitcoin, Crypto Buzz
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, sold 106,000 shares of Coinbase Global Inc (COIN) valued at $27.15 million across three ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF), despite Bitcoin's recent all-time highs. This sale followed a previous day's sale of $68.7 million in Coinbase shares. Additionally, Ark Invest made key trades by buying shares in Sea Ltd (SE), NU Holdings Ltd (NU), Pinterest Inc (PINS), and Moderna Inc (MRNA), while selling shares of CRISPR Therapeutics AG (CRSP).
March 13, 2024 | 3:57 am
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NEUTRAL IMPACT
Ark Fintech Innovation ETF (ARKF) also sold Coinbase shares in the recent move by Ark Invest.
The sale of COIN shares through ARKF is indicative of Ark Invest's portfolio rebalancing. Given ARKF's focus on fintech, this move could be seen as a strategic adjustment with a neutral short-term impact due to the ETF's diversified approach.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
ARKK was one of the ETFs through which Ark Invest sold Coinbase shares.
As ARKK is a diversified ETF, the sale of COIN shares represents a portfolio adjustment rather than a direct reflection on ARKK's performance. The impact is neutral short-term as the ETF's diverse holdings mitigate the effect of single asset movements.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
ARKW participated in the sale of Coinbase shares as part of Ark Invest's recent transactions.
Similar to ARKK, ARKW's involvement in the sale of COIN shares is part of broader portfolio management. The diversified nature of ARKW means the sale's short-term impact is neutral, focusing on long-term strategy rather than immediate asset performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold 106,000 shares of Coinbase, valued at $27.15 million, despite Bitcoin's all-time highs.
The sale of a significant amount of Coinbase shares by Ark Invest, especially during a period of Bitcoin's all-time highs, could indicate a bearish outlook on Coinbase by Ark or a strategic portfolio adjustment. This action might lead to short-term negative sentiment among investors towards COIN.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90