On Monday, cathie wood-led Ark Invest adjusted its portfolio, in particular by selling shares of cryptocurrency-related companies such as Robinhood Markets Inc HOOD and Coinbase Global Inc. CURRENCYamid a significant rebound in bitcoin BTC/USD which surpassed the $56,000 mark. This decision comes at a time when the cryptocurrency market capitalization has surpassed $2 trillion, highlighting a pivotal moment for investors.
Coinbase trading
Ark sold a total of 35,509 Coinbase shares through its flagship ARK Innovation ETF ARKK. The transaction was valued at $6.9 million. On Monday, Coinbase shares rose 16.85% to $193.94 in regular trading and shot up another 1.8% in after-hours trading.
Previously, Wood, CEO of ARK Invest, praised Coinbase's fourth-quarter earnings, citing its regulatory compliance and competitive advantage. Despite the earlier selling, Wall Street showed renewed interest after earnings beat expectations, although Ark Invest subsequently sold a significant portion of its Coinbase holdings. She had said at the time that Coinbase was “in the right place at the right time.”
Robinhood Trading
The company also sold 444,853 Robinhood shares through ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. That transaction was also valued at almost $6.9 million. Robinhood shares closed 7.7% higher at $15.59 for the day.
Similarly, Ark Invest reduced its stake in Robinhood Markets Inc HOODa decision that comes on the heels of Robinhood's fourth-quarter earnings report, which showed revenue and earnings per share (EPS) along with a strong start to the first quarter.
The Nvidia Trade
Ark Invest sold 2,724 through ARK Genomic Revolution ETF ARKG on Monday. That transaction was valued at $2.15 million. Nvidia shares rose 0.35% to $790.92 on the day.
On Monday, Wood defended the sale of Nvidia shares, highlighting his initial investment in 2014, when the company was undervalued as a maker of PC gaming chips, generating significant profits. Despite Nvidia's recent surge, ARK continued to sell shares, explaining that they are making profits after substantial gains.
See also: Cathie Wood says she is always surprised by the rejection Elon Musk receives, criticizes the Delaware judge for…
Other key operations:
- Ark Invest increased its holdings in ROKU Inc. YEARpurchasing additional shares in multiple funds, indicating confidence in the digital media player's market position.
- The firm also showed interest in the biotechnology sector, purchasing shares of Veracyte Inc. VCYT and 10X Genomics Inc. TXGindicating a bullish stance on genomic and diagnostic technologies.
- Investments in Twist Bioscience Corp twst and Intellia Therapeutics Inc. NORTH were realized, underscoring Ark's commitment to cutting-edge biotechnology research and development.
Read next: Ark Invest CEO Cathie Wood says we'd be surprised if the SEC approves anything other than Bitcoin…
Designed by Neuro BenzingaEdited by
Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga ecosystem, including native data, APIs, and more, to create rich, timely stories for you. Learn more.
