Cathie Wood Bullish After XRP Lawsuit; Ark Sells Coinbase And Tesla, Buys Meta & Robinhood

Bitcoin bull Cathie Wood’s investment management firm Ark Invest has offloaded more shares in Coinbase and Tesla as COIN and TSLA stock prices near 52-week highs. Meanwhile, Ark Invest continues its buying spree for Meta Platforms (META) and Robinhood Markets (HOOD) shares.

Cathie Wood said she remains bullish on Bitcoin and Coinbase after the XRP lawsuit ruling. Wood explained on Monday that they are just taking profits and reallocating capital to other performing shares. She told Bloomberg that Ark Invest funds are starting to witness inflows as they started taking profits after buying at dips.

Cathie Wood’s Ark Invest Offloads Coinbase and Tesla Shares

According to transactions seen by CoinGape, Cathie Wood’s Ark Invest funds sold a total of 248,838 Coinbase (COIN) shares worth $26 million and 45,184 Tesla (TSLA) shares worth $13 million on July 17.

Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) sold 127,266 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 44,784 COIN shares, and ARK Fintech Innovation ETF (ARKF) offloaded 76,788 COIN shares.

COIN stock price closed 0.23% up at $105.55 on Monday amid profit booking by investors. COIN price hit a 52-hour high of $114.43 as stock price rallied 33% last week and 213% year-to-date.

Cathie Wood’s Ark Invest funds sold a total of 478,356 Coinbase (COIN) shares worth $53 million on July 14 and ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11.

In addition, ARK Innovation ETF (ARKK) offloaded 38,329 Tesla shares and ARK Next Generation Internet ETF (ARKW) sold 6,855 TSLA shares.

TSLA stock price closed on Monday at $290.38, up 3.20%. Cathie Wood started buying Tesla shares massively after it hit a 52-week low of $101.81 in December and continues offloading TSLA shares since March. TSLA stock price has rallied 168% this year.

Also Read: Judge Netburn Orders US SEC And Ripple For Settlement, What It Means For XRP?

Ark Invest Buys Meta and Robinhood Shares

Cathie Wood’s Ark Invest funds purchased additional Meta Platforms (META) and Robinhood (HOOD) shares on Monday. Cathie Wood started buying Meta Platforms shares in June as the firm announced Twitter-rival “Threads.”

ARK Innovation ETF (ARKK) purchased 3,729 META shares and ARK Next Generation Internet ETF (ARKW) adds 455 META shares. Meanwhile, ARK Fintech Innovation ETF (ARKF) purchased 25,641 Robinhood shares and ARK Next Generation Internet ETF (ARKW) adds 37,630 Robinhood shares. These funds also bought META and HOOD stocks on Friday.

META shares closed at $310.62 on Monday, up 0.57%. Whereas, Robinhood stock price jumped 0.89% to $12.49.

Also Read: US SEC Accepts Valkyrie Spot Bitcoin ETF Application

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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