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.
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.
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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.
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