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Cathie Wood-led Ark Invest made a notable move in the market by selling a significant portion of its Coinbase Global Inc COIN shares on Tuesday. This decision comes as cryptocurrencies, including Bitcoin, experience a downturn, prompting a strategic shift in Ark Invests portfolio.
The Coinbase Trade
On Tuesday, Ark sold a total of 82,255 Coinbase shares worth $11.48 million through ARK Innovation ETF ARKK , ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF . On the day Coinbase shares closed 1.2% higher at $139.62.
Ark Invests decision to reduce its holdings in Coinbase is particularly significant given the recent market trends. According to Benzingas coverage, Coinbase co-founder Fred Ehrsam and Ark Invest collectively offloaded over $14 million in COIN shares over 48 hours leading up to Tuesday. Until that time Ark had reported a sale of $100 million worth of COIN shares in December.
Arks moves seemingly align with the broader market sentiment where cryptocurrencies are facing a phase of uncertainty. Arks sale of Coinbase shares is part of a larger trend of divesting from crypto-related assets, as seen in their recent sale of Grayscale Bitcoin Trust shares.
Other Key Trades: Ark Invest bought 91,635 shares of Toast Inc TOST through ARKF and 112,742 shares through ARKW, indicating a growing interest in this technology-driven company. The firm also increased its stake in CRISPR Therapeutics AG CRSP by purchasing 12,108 shares, reflecting confidence in the biotech sector through ARK Genomic Revolution ETF ARKG and 52,287 shares through ARKK. Significant investments were made in Adaptive Biotechnologies ADPT , with 146,414 shares added via ARKG, showcasing Arks focus on innovative medical technologies. Another notable buy was in 10X Genomics Inc TXG , with 5,914 shares acquired through ARKG and a further 3,892 shares through ARKK, further diversifying Arks portfolio in the biotech space.
See Also: Cathie Wood Predicts Bitcoin Could Rise To $1.5M
Ark Invests recent trades, especially the sale of Coinbase shares, highlight the funds adaptive strategy in response to the dynamic crypto market. As the investment landscape continues to evolve, Arks moves offer valuable insights into emerging market trends and investor sentiment.
Read Next: Exclusive: Ark Invests Early Belief In Nvidia And Tesla Engineered by Benzinga Neuro , Edited by Shivdeep Dhaliwal
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