Benzinga - On Monday, Cathie Wood-led Ark Invest made significant trades, notably offloading shares of Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE:SQ), despite cryptocurrency market fluctuations.
The COIN Trade
Ark Invest sold 30,458 shares of Coinbase through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction amounted to $7.3 million. For the day, Coinbase shares closed 1.13% lower at $239.62. Major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded lower as investors theorized that the markets had become overheated following the approval of spot ETFs, according to a previous report.
Ark Invest decided to sell a substantial number of shares in Coinbase last week as well, despite Bitcoin reaching new all-time highs recently. It was reported earlier that a surge in investments into U.S.-based exchange-traded funds (ETFs) linked to Bitcoin, the digital currency peaked at $73,709. Bitcoin’s rise coincided with a record net inflow of $1.05 billion into Bitcoin spot ETFs on March 12.
The SQ Trade
Ark Invest also reduced its stake in Block Inc., formerly known as Square. The shares were sold at a closing price of $80.86 each, with the total value of the trade being $8.95 million. The trade was executed through the ARKK and ARK Next Generation Internet ETF (NYSE:ARKW), which saw a decrease of 0.0972% and 0.1008% in their holdings respectively.
See Also: Bitcoin, Ethereum, Dogecoin Surge Amid Selling Pressure Over The Weekend: Analyst Says King Crypto To Reach $100K-$150K Post Halving In April
Earlier, Cathie Wood had criticized Hindenburg for its ‘wildly misleading’ report which led to a sharp drop in the Jack Dorsey-led company’s share prices last year.
Other Key Trades:
- Ark Invest bought shares of Moderna Inc (NASDAQ:MRNA) through its ARKG and ARKK ETFs.
- Shares of Twilio Inc (NYSE:TWLO) were sold through the ARKK and ARKW ETFs.
- Ark Invest increased its stake in Unity Software Inc (NYSE:U) across the ARKK, ARKQ, and ARKW ETFs.
Read Next: ”Dogecoin Killer’ Shiba Inu Burn Rate Defies Market Action With 933% Surge, Daily Active Addresses Spike By 8%
Engineered by Benzinga Neuro, Edited by
Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.
Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.