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In a strategic play, Ark Invest, the investment management firm led by Cathie Wood, acquired nearly $2.2 million worth of Coinbase (COIN) stock on Tuesday. This comes after the investment firm offloaded Coinbase’s shares worth $2.7 million in August. Also, the firm dumped a massive $15.1 million worth of the exchange shares in May.
This action marks its first purchase of the crypto exchange’s shares since September. This latest buy added 12,994 COIN shares to ARK’s Fintech Innovation ETF (ARKF).
A Calculated Coinbase Bet Amidst Crypto Market Activity
ARK’s decision to boost its Coinbase holdings reflects its confidence in the exchange. Upon ARK’s purchase, COIN surged by 6.5%, hinting optimism for a market uptick. This is possibly tied to Bitcoin’s historical price surges in October. Nevertheless, COIN has generally remained at a 20% lower level since late August.
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Notably, when Ark Invest bought Coinbase’s shares, COIN ended the day 0.73% down at $167.69. Currently, ARKF holds approximately $67 million worth of COIN stock, representing a 7.43% weighting in the fund’s overall portfolio.
Regulatory Strategy: ARK Invest Offloads Robinhood Shares
In a parallel move, ARK sold 135,665 shares of Robinhood (HOOD), valued at nearly $3.5 million. The sale was necessary to comply with the US Securities and Exchange Commission (SEC) regulations.
The agency imposed limits on funds’ exposure to companies deriving over 15% of their income from securities trading. HOOD shares surged nearly 10% on Tuesday despite the sale, closing at $25.61. This uptick indicates strong market performance for the trading platform.
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The Cathie Wood firm significantly offloaded 44,609 shares of its spot Bitcoin Exchange Traded (ETF) ARKB from its Next Generation Internet ETF (ARKW) last month. The firm revealed the sale is a rebalancing strategy driven by its policy. The firm ensured that no asset in its ETF portfolios exceeded 10% weighting.
ARK’s Market Maneuvering: Poised for Crypto and Fintech Growth
Cathie Wood, the CEO of Ark Invest, is known for her forward-thinking investment strategies, especially in disruptive technologies like digital assets and fintech.
The recent moves by ARK highlight the firm’s adaptability in these fast-evolving sectors. The firm is strategically shifting its portfolio to capitalize on future gains as Bitcoin’s price trends continue to shape the mark.
In April, the firm added OpenAI shares to its venture fund. This strategic move was revealed to maintain diversification within its ETFs.
