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Cathie Wood’s Ark Invest Sells Coinbase, Nvidia Again; Buys Tesla Shares

Cathie Wood’s Ark Invest sold an additional 110,896 shares of Coinbase (COIN) stock worth $24 million and buys Tesla with Nvidia shares.
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Cathie Wood’s Ark Invest Sells Coinbase, Nvidia Again; Buys Tesla Shares

Highlights

  • Cathie Wood's Ark Invest continue its Coinbase (COIN) shares selloff spree
  • Cathie Wood also sold Nvidia (NVDA) shares worth millions again, defying market sentiment
  • ARK funds bought Elon Musk's Tesla (TSLA) shares

Cathie Wood’s asset management firm Ark Invest has again offloaded its holdings of Coinbase (COIN) shares, continuing a selling spree as COIN price hit a new 52-week high. Ark Invest has also offloaded Nvidia and Robinhood shares amid a significant jump in prices.

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Cathie Wood’s Ark Invest Selling Coinbase Daily

On March 5, Cathie Wood’s Ark Invest sold an additional 110,896 shares of Coinbase stock COIN worth $24 million, as per trades seen by CoinGape. Ark Invest funds last week offloaded $45 million worth of COIN shares as the price hit a 2-year high.

ARK Innovation ETF (ARKK) sold 86,375 Coinbase shares, Ark Fintech Innovation ETF (ARKF) sold 14,244 COIN stocks, and ARK Next Generation Internet ETF (ARKW) offloaded 10,277 Coinbase shares.

Moreover, Ark funds also sold Coinbase shares on Monday, March 4 continuing their selling spree. ARK Innovation ETF (ARKK) sold 72,871 Coinbase shares, Ark Fintech Innovation ETF (ARKF) sold 50,863 COIN stocks, and ARK Next Generation Internet ETF (ARKW) offloaded 11,015 Coinbase shares.

Coinbase (COIN) price fell 5.40% on Tuesday, closing at $216.77 after hitting a high of $239.98. Coinbase shares are trading at 5.64% higher at $229 in the pre-market hours on Wednesday. COIN price has rallied nearly 80% in a month, causing Ark funds to book profits as they accumulated enough shares during bear market.

Also Read: Sam Bankman-Fried Shouldn’t Get Leniency — Court Filing

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Ark Buying Tesla amid Nvidia and Robinhood Selloff

Cathie Wood also sold Nvidia shares again on Tuesday. ARKQ sold 1,985 NVDA shares, ARKG offloaded 535 shares and ARKF sold 3,315 NVDA shares. Nvidia share price continues to lead the market with a 26% jump in a month.

Proceeds were used to further increase holdings in Elon Musk’s Tesla (TSLA) as prices plunged almost 10% amid disputes with OpenAI. ARKK purchased 61,073 shares, ARKQ bought 5.684 TSLA shares, and ARKW purchased 13,199 shares. TSLA price fell to $180.74, with a 0.95% jump in pre-market hours.

Robinhood prices are a major run after earnings with a 48% rally in a month. ARKW sold 20,380 shares and ARKF sold 30,220 HOOD shares on March 4.

Also Read: Crypto Market Selloff — Over $1 Billion In BTC, ETH, XRP, SHIB Liquidated, Here’s Why

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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