Ark Invest Sells Coinbase and Tesla Shares; Books Profit Amid Bull Run
Cathie Wood ETF
Summary: Ark Invest, led by Bitcoin bull Cathie Wood, sold more Coinbase and Tesla shares on Tuesday, reinvesting the proceeds in other crypto-related stocks like Robinhood Markets and Meta. The ARK Innovation ETF sold a combined $26 million worth of Coinbase shares, while the ARK Next Generation Internet ETF sold 4,470 TSLA shares.
Investment management company Ark Invest, run by Bitcoin bull Cathie Wood, sold more Coinbase and Tesla shares on Tuesday. Ark Investment is cashing out and reinvesting the proceeds in other crypto-related stocks, like Robinhood Markets and Meta.
Judge Torres’ verdict in the Ripple vs. SEC litigation and the wave of Bitcoin ETF registrations have prompted Cathie Wood to reaffirm her prediction that Bitcoin’s price may surpass $1.5 million by 2030.
Booking Smart Profit
The Ark Invest funds managed by Cathie Wood sold 52,224 shares of Coinbase (COIN) on July 18 for a total of $5.6 million. This makes sense, considering Coinbase’s stock price recently reached a 52-week high, increasing by 85% in a month. The price of COIN shares dropped by 0.91% on Tuesday, closing at $104.59, but it is up by 1.63% in pre-market trading on Wednesday, July 19.
The ARK Innovation ETF (ARKK), Cathie Wood’s flagship fund, liquidated 26,951 COIN shares, while the ARK Next Generation Internet ETF (ARKW) dumped 8,708 and the ARK Fintech Innovation ETF (ARKF) dumped 16,565.
On July 17 and 14, Ark Invest funds managed by Cathie Wood sold a combined $26 million worth of Coinbase (COIN) shares, while on July 11 and 12, the ARK Innovation ETF (ARKK) sold a combined $12 million worth of Coinbase (COIN) shares.
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Additionally, ARK Next Generation Internet ETF (ARKW) sold 4,470 TSLA shares, while ARK Innovation ETF (ARKK) unloaded 24,189 TSLA shares. On July 17, ARK Next Generation Internet ETF (ARKW) sold 6,855 TSLA shares, while ARK Innovation ETF (ARKK) sold 38,329. On Tuesday, TSLA stock finished the day up 1% at $293.34. This follows gains of over 6% over the prior 7 days and 171% for the prior 12 months.
