Benzinga - Cathie Wood-led Ark Invest sold nearly $31 million worth of Coinbase Global Inc (NASDAQ:COIN) shares as Bitcoin (CRYPTO: BTC) flirted with a new all-time high, nearing the $69,000 mark on Monday.
The Coinbase Trade
On Monday, Ark Invest sold 134,749 Coinbase shares through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $30.88 million. Coinbase shares shot up 11.4% to $229.15 in regular trading for the day and gained another 3.8% in the after-hours trading.
The upswing in the share prices was attributed to soaring Bitcoin prices, according to a prior report. Coinbase faced a significant recent outage amidst heightened traffic as Bitcoin hit the $64,000 mark, with users reporting incorrect balances. Despite preparations, CEO Brian Armstrong noted that the traffic exceeded the company’s expectations.
See Also: Warren Buffett Warns Of Casino-like Behavior In Markets As Coinbase Crashes Because Of Heightened Trading Volumes
The Robinhood Trade
Alongside the Coinbase sale, Ark Invest also reduced its stake in Robinhood Markets Inc (NASDAQ:HOOD), another platform facilitating cryptocurrency trades. The firm sold 50,600 Robinhood shares through ARKW and ARKF. The transaction was valued at $841,478. Robinhood shares closed 0.3% higher at $16.63 on Monday.
This decision follows Robinhood’s Q4 earnings, which surpassed expectations, signaling a robust start to 2024. Analysts have lauded Robinhood’s performance, emphasizing its solid end to 2023 and optimistic outlook, as discussed in Benzinga’s analysis.
The Meta Platforms Trade
While Ark Invest sold cryptocurrency-related stocks on Monday, it loaded up on shares of the Mark Zuckerberg-led Meta Platforms Inc (NASDAQ:META) to the tune of $6.23 million. Ark purchased 12,498 Meta shares through ARKF. On Monday, Meta Platforms shares closed 0.8% lower at $498.19.
Furthermore, Ark Invest’s activity on Monday included purchasing shares of META Platforms Inc (NASDAQ:META), indicating a bullish stance on the social media conglomerate. This acquisition aligns with the recent fluctuations in META’s stock value, as investors and analysts closely monitor the company’s strategic moves in the evolving digital landscape.
Other Key Trades:
- SOFI Technologies Inc (NASDAQ:SOFI) saw a significant increase in shares bought, highlighting Ark’s confidence in the fintech sector.
- Roblox Corp (NYSE:RBLX) and Toast Inc (NYSE:TOST) purchases reflect Ark’s investment in technology and software platforms.
- The sale of Twilio Inc (NYSE:TWLO) and StoneCo Ltd (NASDAQ:STNE) shares suggests a strategic portfolio adjustment in response to market conditions.
Photo courtesy of Ark Invest
Read Next: Ark Invest CEO Cathie Wood Says Bitcoin Will Continue To Draw Investors From Gold: There’s No Comparison
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