NewsletterCathie Wood Ark Invest Just Bought These Crypto Stocks As Market Rebounds
Highlights
- Ark Invest has purchased more Coinbase and Robinhood stocks.
- Both stocks surged 2.48% and 4.81% respectively in the last 24 hours.
- The wealth management firm also offloaded other crypto-linked stocks.
Cathie Wood Ark Invest has bought more Coinbase (COIN) and Robinhood (HOOD) stocks after periods of offloads. The asset manager continues to reshape its holdings as the market swings draw users’ attention. The crypto market has gained momentum after the previous correction sparked by macroeconomic factors.
Ark Invest Buys Coinbase Shares
Ark Invest purchased more Coinbase stock on Aug 6 increasing its holdings as crypto stocks surge. The company added 13,833 COIN stocks worth approximately $2.6 million to its portfolio alongside 84,080 HOOD stocks worth over $1.4 million. Both stocks closed at $194.17 and $17.21 in the last trading day.
This comes after the asset manager began repurchasing the stock of the publicly listed crypto exchange. On Aug 5, the company bought 93,797 shares for about $17.8 million. Ark Invest’s repositioning of COIN and related stocks started due to the decline in Bitcoin price which saw the asset trade below $50,000 for the first time in five months. Drops in asset prices directly affect crypto stocks causing slight reductions across exchange and Bitcoin mining stocks.
However, recent crypto and global financial market upticks have trickled into digital asset stocks. The current Coinbase stock price is up 2.48% in the last 24 hours and remains on the portfolio of traders for positive estimates. Coinbase reported better-than-expected revenue of $1.4 billion beating estimates.
Also Read: BlackRock Ethereum ETF Nets $108M Inflows As Nasdaq Seeks ETHA Options Trading
Cathie Wood’s Ark Looks To Robinhood
While Coinbase continues to attract traders during a market rebound after days in the doldrums, other related stocks also caught the eye of investors. Cathie Wood increased HOOD holdings by 84,080 shares as the company stock rose. The crypto-friendly firm is tipped to post better-than-expected Q2 earnings amid trading in the last three months. As the market anticipates the Robinhood stock update, traders point to positive figures.
However, Ark Invest offloaded Block Inc., Amazon, and UIPATH Inc. among others. The wealth manager is popular among crypto circles for its related trades of crypto stocks.
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