Bitcoin Bull Cathie Wood Sells Coinbase And Robinhood Shares, Expects Weak Q2 Earnings?
Ark Invest sells Coinbase (COIN) and Robinhood (HOOD) shares worth millions, indicating that Cathie Wood anticipating a weaker-than-expected earnings report for the crypto companies in the second quarter. While Cathie Wood remains bullish on Bitcoin, her asset management firm Ark Invest continues to offload holdings in Bitcoin-related stocks.
Cathie Wood’s Ark Invest Offloads Coinbase and Robinhood
Cathie Wood’s Ark Invest continues to offload Coinbase shares since the COIN stock price jumped over $100, reaching almost a 52-week high. While the selling spree has slowed, Ark Invest’s ARK Next Generation Internet ETF offloading its Coinbase holdings.
On July 31, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 1,055 Coinbase shares worth $105k, according to transactions seen by CoinGape.
Coinbase will announce the second quarter financial results on August 3. Last quarter, Coinbase’s revenue dipped due to a significant drop in trading volumes amid crypto regulatory crackdowns in the US. While sentiment for Bitcoin price rally remains positive, Ark Invest considering the impact of the US SEC v Coinbase lawsuit.
COIN stock price closed 4% higher at $98.61 on Monday, but fell 3.17% to $95.48 in pre-market hours on August 1.
In addition, Cathie Wood’s Ark Invest has offloaded Robinhood shares for the first time since January. ARK Fintech Innovation ETF (ARKF) offloaded 373,175 HOOD shares worth $4.8 million on July 31.
Robinhood to announce its second-quarter earnings report on August 2, with expected EPS and revenue higher than last quarter.
Robinhood stock price closed 1% higher at $12.86 on Monday. However, the price is falling in pre-market hours today.
Read More: Cathie Wood’s Ark Invest Sells More Coinbase and Tesla Shares
Cathie Wood Bearish on Crypto?
Cathie Wood’s Ark Invest selling spree hints at bearish momentum in the crypto market in the coming weeks due to earnings reports. However, she is bullish on Bitcoin amid Judge Torres’ ruling in the Ripple vs SEC lawsuit and flurry of Bitcoin ETF filings.
Bitcoin price seems stuck near $30000 amid profit booking by traders and miners. Analysts predict BTC price to hit at least $35,000 in August.
Also Read:
- Judge Denies Torres Ruling To Dismiss SEC Lawsuit, What It Means For XRP And Terra?
- XRP Lawsuit: Ripple Gets Former SDNY Attorney To Tackle US SEC Appeal, 30% Rally Next?
- Bitcoin Price Prediction: Will BTC Keep Steady Amid Key Seasonality Pattern?
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
