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On Thursday, Cathie Wood-led Ark Invest made a significant move by selling a substantial amount of Coinbase Global Inc COIN shares.
The Coinbase Trade
Ark Invests decision to offload $4.7 million worth of Coinbase shares aligns with the recent market trends and Woods strategic adjustments in her portfolio. Ark sold a total of 37,377 Coinbase shares through ARK Next Generation Internet ETF 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 BTC/USD spot ETF.
This trade is particularly noteworthy given Coinbases 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 TXG , reflecting a growing interest in the genomics sector through ARK Genomic Revolution ETF ARKG . The firm also increased its stake in Teladoc Inc TDOC by buying 57,429 shares, betting on the telehealth industrys expansion via ARKG. A notable sale included 8,305 shares of Shopify Inc SHOP , aligning with recent shifts in the e-commerce space through the flagship ARK Innovation ETF ARKK . Another significant purchase was 143,107 shares of Pure Storage Inc PSTG , indicating a focus on data storage solutions through ARKW.
See Also: Coinbase CEO Brian Armstrong On Binances Settlement, Building A Company Offshore
Ark Invests recent trades, particularly the sale of Coinbase shares, demonstrate Woods 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
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