Cathie Wood’s Ark Invest Sells Coinbase Shares as Bitcoin Drops Below Key $62K Level
On Monday, Cathie Wood-led Ark Invest made some significant trades, with Coinbase Global Inc. (NASDAQ: COIN) taking the spotlight. This comes amidst a turbulent market scenario, particularly for cryptocurrencies.
Cryptocurrency market volatility
The COIN Trade
Ark Invest’s most prominent trade on this day was with Coinbase, a leading cryptocurrency exchange platform. This trade comes at a time when the cryptocurrency market is experiencing significant volatility, with Bitcoin’s (CRYPTO: BTC) price falling below the $62,000 mark. This drop in Bitcoin’s price has had a direct impact on Coinbase’s shares, which also traded lower on Monday.
The firm sold 3,341 Coinbase shares through ARK Next Generation Internet ETF (NYSE: ARKW). The transaction amounted to $709,327.
Coinbase shares stood at $212.31 at the end of Monday’s regular session.
Cathie Wood
Other Key Trades
- Teladoc Health Inc (NYSE: TDOC): Sold 54,256 shares from the ARKG ETF and 61,606 shares from the ARKK ETF.
- Absci Corp (NASDAQ: ABSI): Bought 43,936 shares for the ARKG ETF.
- Verve Therapeutics Inc (NASDAQ: VERV): Sold 10,570 shares from the ARKG ETF and 50,971 shares from the ARKK ETF.
- Roku Inc (NASDAQ: ROKU): Bought 32,989 shares for the ARKK ETF.
Bitcoin price chart
As the cryptocurrency market continues to experience volatility, investors are keeping a close eye on the prices of major cryptocurrencies like Bitcoin. The recent drop in Bitcoin’s price has had a ripple effect on the entire market, with many investors selling their shares in cryptocurrency-related companies.
Cryptocurrency investing
The sale of Coinbase shares by Ark Invest is a significant move, as it indicates a shift in the firm’s investment strategy. As the market continues to evolve, investors will be watching closely to see how Ark Invest and other major players in the industry respond to the changing landscape.
Cathie Wood and Ark Invest
In conclusion, the sale of Coinbase shares by Ark Invest is a significant move that reflects the current state of the cryptocurrency market. As the market continues to experience volatility, investors will be watching closely to see how major players in the industry respond to the changing landscape.
Cryptocurrency market volatility
