Cathie Wood’s investment management firm Ark Invest has once again made global headlines with its trading strategies. Today, the firm revealed that it sold nearly $14 million worth of Coinbase (COIN) stocks and over $6 million worth of its ARKB Bitcoin ETF in its recent trades.
This trading strategy, emerging amid recent market events, has echoed a bustle across the broader market. Recently, Coinbase released its Q2 earnings beating estimates, whereas Bitcoin traded with quite the volatility.
Cathie Wood’s Ark Invest Sells COIN & ARKB
According to an official post by the asset manager Ark Invest’s X handle today, a whopping 69,069 COIN shares, worth $14.68 million, were sold as of August 1 via two transactions. Moreover, the firm offloaded 108,751 ARKB Bitcoin ETF, worth $6.87 million, the same day. These transactions, totaling $21.55 million, have sent tongues wagging amid recent market events, as mentioned above.
Coinbase recently filed its Q2 2024 earnings report, beating estimates for seven straight quarters. The crypto exchange’s net revenue for Q2 was $1.38 billion, exceeding forecasts’ average of $1.34 billion. Further, the institutional trading volume came in at $189 billion compared to an estimated average of $183.02 billion. Wood’s firm’s decision to offload COIN amid these advancements might be a potential mover to capitalize on the stock’s bullish performance. The COIN stock price traded at $212.64 at close today, down 5.22%.
Meanwhile, the BTC price saw quite a volatile rate over the past day, as illustrated by the coin’s 24-hour lows and peaks of $62,248.94 and $65,593.24. This has sparked discussions over Ark Invest’s decision to sell 108,751 ARKB Bitcoin ETF worth $6.8 million. ARKB price rested at $63.20 during close today, down 3.02%. Besides, BTC price stood at $64,434 today, a slight 0.10% jump at press time.
Also Read: XRP Ledger Offers Tokenized US Treasury Bills With This New Partnership
Other Trades As Of August 1
Simultaneously, the X post by the firm also spotlighted a stockpile of other trades. Intriguingly, what stood out was Cathie Wood’s firm’s continued bagging of Advanced Micro Devices (AMD) shares.
Ark Invest again purchased 4,829 AMD shares as of August 1, adding to its massive AMD holdings. CoinGape Media yesterday reported Cathie Wood’s firm to have heavily accumulated AMD.
Also, in light of the recent Ethereum ETF launch, the firm bought 651,713 31Q Ether Staking ETF, sparing further discussions. Additionally, it sold a whopping 282,435 Robinhood Markets Inc. (HOOD) shares.
Also Read: Ripple Vs SEC: 500M XRP Unlocked Amid Final Ruling Odds
✓ Share:
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
