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Bitcoin bull Cathie Wood’s investment management firm Ark Invest sold additional Coinbase and Tesla shares on Tuesday, marking the third consecutive day of selloff for COIN and TSLA as price inches towards 52-week highs. Ark Invest taking profits and reallocating capital to other crypto-related shares such as Robinhood Markets and Meta.
Cathie Wood recently reiterated that Bitcoin (BTC) price can hit $1.5 million by 2030 as Judge Torres’ ruling in the Ripple vs SEC lawsuit and flurry of Bitcoin ETF filings.
Cathie Wood’s Ark Invest Offloads Additional Coinbase and Tesla Shares
On July 18, Cathie Wood’s Ark Invest funds sold a total of 52,224 Coinbase (COIN) shares worth $5.6 million, according to transactions seen by CoinGape. It follows as Coinbase stock price soared 85% in a month to hit a 52-week high. COIN stock price closed 0.91% lower at $104.59 on Tuesday, but has jumped 1.63% to $106.30 in pre-market hours on July 19.
Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) sold 26,951 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 8,708 COIN shares, and ARK Fintech Innovation ETF (ARKF) offloaded 16,565 COIN shares.
Cathie Wood’s Ark Invest funds also sold a total of 248,838 Coinbase (COIN) shares worth $26 million on July 17, 478,356 Coinbase (COIN) shares worth $53 million on July 14, and ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11.
In addition, ARK Innovation ETF (ARKK) offloaded 24,189 Tesla shares and ARK Next Generation Internet ETF (ARKW) sold 4,470 TSLA shares. On July 17, ARK Innovation ETF (ARKK) offloaded 38,329 Tesla shares and ARK Next Generation Internet ETF (ARKW) sold 6,855 TSLA shares.
TSLA stock price closed 1% up at $293.34 on Tuesday, after rising nearly 6% in the past 7 days and 171% year-to-date.
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Reallocating Capital to Robinhood Shares
Meanwhile, Cathie Wood’s Ark Invest funds continue buying spree for Meta Platforms (META) and Robinhood Markets (HOOD) shares, reallocating capital from Coinbase and Tesla shares to other crypto-related stocks.
On July 18, ARK Fintech Innovation ETF (ARKF) purchased 271 Robinhood shares and ARK Next Generation Internet ETF (ARKW) adds 428 Robinhood shares. On Monday, ARK Fintech Innovation ETF (ARKF) purchased 25,641 Robinhood shares and ARK Next Generation Internet ETF (ARKW) adds 37,630 Robinhood shares.
Robinhood stock price has jumped 25% in the past 30 days, with the price trading near $12.57 in pre-market hours on Wednesday.
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