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On Tuesday, Cathie Wood-led Ark Invest made a notable move in the market by selling a significant portion of its Coinbase Global Inc (NASDAQ:COIN) shares. This decision comes as cryptocurrencies, including Bitcoin, experience a downturn, prompting a strategic shift in Ark Invest’s portfolio.
Ark sold a total of 82,255 Coinbase shares worth $11.48 million through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). On the day Coinbase shares closed 1.2% higher at $139.62.
This sale of Coinbase shares is part of a larger trend of divesting from crypto-related assets, as seen in Ark Invest’s recent sale of Grayscale Bitcoin Trust shares.
In addition to the Coinbase trade, Ark Invest made other strategic buys. They purchased 91,635 shares of Toast Inc (NYSE:TOST) through ARKF and 112,742 shares through ARKW. They also increased their stake in CRISPR Therapeutics AG (NASDAQ:CRSP) by purchasing 12,108 shares through ARK Genomic Revolution ETF (NYSE:ARKG) and 52,287 shares through ARKK.
Adaptive Biotechnologies (NASDAQ:ADPT) also received significant investments from Ark Invest, with 146,414 shares added via ARKG, and 10X Genomics Inc (NASDAQ:TXG) gained 5,914 shares via ARKG and a further 3,892 shares via ARKK.
Ark Invest’s recent trades showcase their adaptive strategy and offer valuable insights into emerging market trends and investor sentiment.
As of 2023, Benzinga does not provide investment advice. All rights reserved.
