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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.
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