Good day everybody,
I hope you are all having an excellent day, welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at the recent news of Cathie Wood's Ark Investments selling 478,356 Coinbase shares valued at $53 million, and focusing their investments on Meta and Robinhood shares instead.
Coinbase Sale
On Friday the 14th of July 2023 the price of Coinbase shares reached a 52-week high, which prompted Ark Investments to sell off 478,356 shares for a reported $53 million. This marked the second time within a week that Cathie Wood's firm offloaded Coinbase shares, following the sale of 135,152 Coinbase shares worth $12 million on the 11th of July. At the time of sale on Friday, the share price had reached a yearly high of $114.43.
The investment management firm’s Ark Next Generation Internet ETF sold 93,227 shares, ARK Innovation ETF sold 263,247 and Ark Fintech Innovation ETF sold 121,882 shares. However, Ark remain the second-largest owner of Coinbase shares, with a 6.30% stake left after the recent sales. The reason for the rise in the price of Coinbase's stock came after the US court ruling in favour of Ripple's XRP lawsuit, when Judge Torres ruled that selling XRP on exchanges in itself does not constitute an investment contract. Coinbase saw its stock price rise by almost 25% following the ruling.
All theses sales follow on from the previous sales in 2023, where Ark sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million back in March. Back then the share price was roughly $84 per share.
Meta and Robinhood
Ark has instead been accumulating Meta shares since June, in which time the company had launched its new social media app called Threads. On Friday, ARK Innovation ETF acquired 82,352 Meta shares, worth more than $25 million based on the stock's closing price of $308.87 on Friday. This follows on from Meta being the second-best performer among S&P 500 companies this year, having added about 157%.
ARK Fintech Innovation ETF (ARKF) also decided to purchase 111,843 shares of Robinhood, while the ARK Innovation ETF (ARKK) purchased 69,793 shares of META. ARK Next Generation Internet ETF (ARKW) also holds 12,559 META shares and 169,116 Robinhood shares. These purchases follow on from ARK Invest having bought roughly 560,000 shares of Robinhood in June 2023, which were roughly worth around $5.3 million at the time.
Have a great day.
Peace. CryptoGod-1.
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