Cathie Wood’s Ark Invest Sells $21M In ARKB Bitcoin ETF, Coinbase Stock

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As an analyst with over two decades of experience in the financial markets, I find Cathie Wood’s recent trading moves by Ark Invest both intriguing and somewhat predictable. The selling of Coinbase (COIN) stocks and ARKB Bitcoin ETF shares comes at a time when the broader market is experiencing turbulence, with Coinbase reporting strong Q2 earnings and Bitcoin exhibiting volatility.

Ark Invest, the investment company led by Cathie Wood, has once more caught global attention with its unique trading approaches. The firm disclosed today that it offloaded approximately $14 million in Coinbase (COIN) shares and over $6 million of its ARKB Bitcoin ETF in their latest transactions.

In light of recent market happenings, this particular trading approach has sparked a flurry of activity throughout the wider financial landscape. Notably, Coinbase announced strong Q2 earnings surpassing expectations, while Bitcoin exhibited significant price fluctuations.

Cathie Wood’s Ark Invest Sells COIN & ARKB

Based on a post made by Ark Invest’s X account today, they sold 69,069 shares of COIN, valued at approximately $14.68 million, in two separate transactions that took place on August 1st. Additionally, they also sold 108,751 shares of the ARKB Bitcoin ETF, worth about $6.87 million, during the same timeframe. These transactions, amounting to a total of $21.55 million, have sparked conversation in the market due to recent events, as mentioned earlier.

As a crypto investor, I’m excited about the latest earnings report from Coinbase for Q2 2024. They’ve managed to surpass expectations for an impressive seven consecutive quarters! Their net revenue for this quarter hit a staggering $1.38 billion, far exceeding the average forecast of $1.34 billion. Additionally, their institutional trading volume came in at a whopping $189 billion, beating estimates that predicted $183.02 billion.

Over the last day, the value of Bitcoin (BTC) fluctuated significantly, reaching lows and highs of $62,248.94 and $65,593.24 respectively. This volatility has ignited debates about Ark Invest’s move to offload 108,751 ARKB Bitcoin ETF shares valued at approximately $6.8 million. The closing price of ARKB was $63.20, representing a drop of 3.02%. Simultaneously, the current BTC price stands at $64,434, registering a minor increase of 0.10% at this moment.

Other Trades As Of August 1

At the same time, the X post from the company highlighted a collection of various transactions. Interestingly, what grabbed attention was Cathie Wood’s firm consistently acquiring Advanced Micro Devices (AMD) stocks.

On August 1, it was announced that Ark Invest had acquired an additional 4,829 shares of AMD, further expanding their substantial ownership of the company. According to CoinGape Media’s latest report, Cathie Wood’s firm has been aggressively accumulating AMD shares.

Furthermore, following the debut of the Ethereum ETF, the company acquired 651,713 units of the 31Q Ether Staking ETF, avoiding further debates on the topic. Concurrently, they offloaded a significant number of 282,435 shares in Robinhood Markets Inc. (HOOD).

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2024-08-02 14:08