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Cathie WoodsArk Investment Managementhas continued to trim some high-profile stocks, including some with links tothe cryptocurrency space. This trend continued on Monday.
Crypto-Linked Stock Sales:Ark sold shares of cryptocurrency exchangeCoinbase Global, Inc.COIN , trading platformRobinhood Markets, Inc.HOOD , andJack Dorseys payment processing firmBlock, Inc.SQ .
Robinhood allows cryptocurrency trading on its platform. Blocks subsidiary,Spiral, offers Bitkey, a self-custody crypto hardware wallet that allows investors to manage and store their Bitcoin outside of exchanges.
Details of the transactions are as follows: Coinbase: 74,291 shares ($20.78 million) Robinhood: 1,651,251 shares ($31.51 million) Block: 95,178 shares ($7.86 million)
Interestingly, all three stocks rallied on Monday, mirroring the rebound in cryptocurrency prices. Coinbase remains the top holding of Arks flagship exchange-traded fund, theArk Innovation ETFARKK .
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Nvidia And Zoom Trimming
Ark has nearly sold off its entire holding in high-flyerNvidia Corp.NVDA . This aligns with Woods previous comments suggesting Nvidias valuation is stretched, and that there are other companies with disruptive potential whose stocks havent yet priced in their growth opportunities.
ARKK currently does not hold any Nvidia stock. On Monday, theARK Genomic Revolution ETFARKG sold 1,669 Nvidia shares valued at $1.59 million.
Ark also sold 186,809 shares of COVID-19 playZoom Video Communications, Inc.ZM worth $12.46 million. The companys share price has significantly fallen from its COVID highs of nearly $600 in October 2020 and currently trades around $67.
ARKK traded up 1.03% at $50.77 in premarket trading on Tuesday, according to Benzinga Pro data.
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