Cathie Wood’s Ark Invest Sells $53 Million In Coinbase Shares, Buys Meta and Robinhood

Bitcoin bull Cathie Wood’s investment management firm Ark Invest has sold Coinbase (COIN) shares as the stock price reaches the 52-week high. Ark Invest offloaded some of its Coinbase holdings for the second time this week after purchasing Coinbase shares worth millions during the bear market. Meanwhile, Cathie Wood continues to Meta Platforms (META) and Robinhood Markets (HOOD) shares.

Cathie Wood’s Ark Invest Sells Coinbase As Stock Price Hit Yearly High

On July 14, Cathie Wood’s Ark Invest funds sold a total of 478,356 Coinbase (COIN) shares worth $53 million as the price hit a yearly high of $114.43, according to transactions seen by CoinGape.

Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) sold 263,247 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares, and ARK Fintech Innovation ETF (ARKF) offloaded 35,666 COIN shares.

COIN stock price closed on Friday at $105.31, down 1.58% as investors book profits. COIN price hit a 24-hour high of $114.43 as stock price rallied 33% this week and 213% year-to-date. Along with other crypto-related stocks, Coinbase also jumped in response to summary judgment in the US SEC v. Ripple lawsuit.

Cathie Wood’s ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11 and ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares in March.

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Ark Invest Buys Meta and Robinhood Shares

In addition, Cathie Wood’s Ark Invest funds purchased Meta Platforms (META) and Robinhood (HOOD) shares on Friday. Cathie Wood started buying Meta Platforms shares in June as the firm announced launching Twitter-like social media app “Threads.”

ARK Innovation ETF (ARKK) purchased 69,793 META shares and ARK Fintech Innovation ETF (ARKF) purchased 111,843 Robinhood shares. Meanwhile, ARK Next Generation Internet ETF (ARKW) adds 12,559 META and 169,116 Robinhood shares.

META shares closed at $308.87 on Friday, rising nearly 5% this week. Whereas, Robinhood stock price jumped 13% this week, with a Friday closing price of $12.38.

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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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