Benzinga - On Thursday, Cathie Wood-led Ark Invest made a significant move by selling a substantial amount of Coinbase Global Inc (NASDAQ:COIN) shares.
The Coinbase Trade
Ark Invest’s decision to offload $4.7 million worth of Coinbase shares aligns with the recent market trends and Wood’s strategic adjustments in her portfolio. Ark sold a total of 37,377 Coinbase shares through ARK Next Generation Internet ETF (NYSE:ARKW).
This week Wood juggled her crypto portfolio by adding Robinhood shares while offloading Coinbase shares as the frenzy builds around the potential approval of a Bitcoin (CRYPTO: BTC) spot ETF.
This trade is particularly noteworthy given Coinbase’s recent achievement of a new 52-week high, as detailed in a recent Benzinga report.
Other Key Trades:
- Ark Invest purchased 13,018 shares of 10X Genomics Inc (NASDAQ:TXG), reflecting a growing interest in the genomics sector through ARK Genomic Revolution ETF (BATS:ARKG).
- The firm also increased its stake in Teladoc Inc (NYSE:TDOC) by buying 57,429 shares, betting on the telehealth industry’s expansion via ARKG.
- A notable sale included 8,305 shares of Shopify Inc (NYSE:SHOP), aligning with recent shifts in the e-commerce space through the flagship ARK Innovation ETF (NYSE:ARKK).
- Another significant purchase was 143,107 shares of Pure Storage Inc (NYSE:PSTG), indicating a focus on data storage solutions through ARKW.
See Also: Coinbase CEO Brian Armstrong On Binance’s Settlement, Building A Company Offshore
Ark Invest’s recent trades, particularly the sale of Coinbase shares, demonstrate Wood’s adaptive approach to portfolio management in a rapidly evolving market. As the cryptocurrency and tech sectors continue to evolve, these strategic moves by Ark Invest will be closely watched by investors and market analysts alike.
Photo Courtesy: Ark Invest
Read Next: CFTC Subpoena: Is Coinbase Handing Over User Data To Hunt Down Bybit?
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.