ARK sells COIN shares and buys $META.
American investor Cathie Wood’s ARK Invest sold another $50.5 million worth of Coinbase shares to cash in on the recent crypto market rally.
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ARK sells COIN shares and buys $META. ARK Sells COIN Shares
ARK Investment funds have reportedly continued to divest their shares of Coinbase and Tesla. On Monday, three ARK exchange-traded funds sold a total of 248,838 COIN shares. The ARK Fintech Innovation ETF sold 76,788 shares, ARK Innovation ETF sold 127,266 shares, and ARK Next Generation Internet ETF sold 44,784 shares. The sales brought in approximately $26.3 million based on Coinbase's closing price of $105.55 on Monday. Additionally, two different funds sold a significant chunk of their Tesla shares. The ARK Innovation ETF sold 38,329 Tesla shares, while the ARK Next Generation Internet ETF sold 6,855 shares, bringing in a total of $13.1 million based on Tesla's closing price of $290.38 on Monday. ARK sells COIN shares and buys $META.
COIN Hits Annual High
ARK Investment recently sold additional Coinbase shares worth millions of dollars, adding to the $50 million worth of shares sold on Friday when prices peaked at $114.43. The investment firm had previously acquired significant amounts of Coinbase shares during the bear market. With the recent rally in the crypto industry and Coinbase stock reaching a 52-week high, ARK Investment has chosen to divest a significant percentage of its COIN holdings for the second time in less than a week to take advantage of the current market conditions.
ARK Swivelling To META?
The recent surge in market prices can be attributed in part to the SEC vs. Ripple legal battle, which has been favorable for cryptocurrency. It is possible that the market will experience even stronger rallies in the coming weeks. It remains to be seen whether Wood will choose to take advantage of the moment by divesting all COIN shares or if she is simply changing her investment strategy. Wood has recently invested heavily in Meta Platforms following the announcement of Mark Zuckerberg's Threads, a social media platform similar to Twitter. ARK Innovation ETF has already acquired 69,793 META shares, while ARK Next Generation Internet ETF purchased 12,559 META shares.
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