Shares of Meta Platforms and Robinhood Markets are now being bought and sold by Cathie Wood’s ARK Invest.
The top cryptocurrency exchange, Coinbase, has been on a tear recently as its stock soars to unprecedented heights. But the well-known investment management company ARK Invest, run by proponent of Bitcoin Cathie Wood, just cut its interest in the exchange, marking its second sell this week. Wood’s company has aggressively invested in shares of Meta Platforms and Robinhood Markets while divesting from Coinbase.
ARK Invest Sells Off Coinbase Shares at Yearly High
Trading records showed that ARK Invest sold 478,356 Coinbase shares for a total of $53 million on July 14. Coinbase’s 52-week high price of $114.43 fell on the same day as this change. The ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF all sold shares of Coinbase, totaling 263,247, 93,227, and 35,666 respectively.
Wood’s Firm Focuses on Meta and Robinhood Investments
ARK Invest has been actively chasing possibilities in other businesses while lowering its Coinbase stakes. After the company announced the release of Threads, a social media software mimicking Twitter, Cathie Wood started buying Meta Platforms shares in June.
69,793 Meta shares were purchased by ARK Innovation ETF, and 111,843 Robinhood shares were purchased by ARK Fintech Innovation ETF. Additionally, 169,116 Robinhood shares and 12,559 Meta shares were added to the holdings of the ARK Next Generation Internet ETF.
The price of Coinbase stock as of Friday’s closing price was $105.31, a modest decrease of 1.58% as investors protected their gains. The stock did, however, experience a 33% increase during the week, rising to a 24-hour high of $114.43. Coinbase has experienced a phenomenal rise of 213% year to date. The recent increase in cryptocurrency-related equities and a favorable summary ruling in the SEC v. Ripple lawsuit have helped Coinbase’s growth.
This tactical move by ARK Invest demonstrates their adaptable approach to the changing crypto ecosystem, which is supported by their expanding investments in other promising businesses.