Ark Invest, led by Cathie Wood, sells $105.3 million worth of Coinbase (COIN) stock after hitting an all-time high, within a week's time.

Ark Invest, led by Cathie Wood, sells $105.3 million worth of Coinbase (COIN) stock after hitting an all-time high, within a week's time.

In the dynamic world of cryptocurrency, ARK Invest, a leading investment firm, has made a strategic move by selling a significant portion of its Coinbase (COIN) shares. As of writing, Coinbase ranks second in ARK Invest's holdings, with the firm holding $803.5 million worth of COIN shares[1].

The sell-off, which occurred within three days of a record high, is a result of tactical portfolio management. ARK Invest is navigating regulatory and macroeconomic uncertainties in the crypto sector[2]. In late July, the firm unloaded tens of millions of dollars worth of Coinbase shares, selling around 30,500 COIN shares (about $12.1 million)[2].

However, ARK Invest's confidence in Coinbase's long-term potential remains strong. The firm demonstrated this by purchasing nearly 95,000 shares (about $30 million) during a sharp stock decline in late July and early August[1][3][5]. This apparent contradiction—selling some COIN shares before heavily buying others—illustrates ARK’s dynamic portfolio management, balancing short-term risk with long-term conviction[3].

Meanwhile, ARK Invest has been aggressively accumulating shares in Tesla (TSLA), acquiring a $1 billion stake[3]. The firm's CEO, Cathie Wood, believes that 90% of Tesla's valuation comes from its robotaxi platform[6].

The crypto markets section of The Daily Hodl, where this article is published, offers features such as News, Bitcoin, Ethereum, Altcoins, Financeflux, Trading, NFTs, Blockchain, Futuremash, Regulators, Scams, Hacks & Breaches, Latest Stories, FAQ, and Submit Guest Post[7]. The article also covers other topics related to finance, including macro, bitcoin, ethereum, crypto, web 3, and more[4].

In other news, an ancient Bitcoin (BTC) is showing signs of activity, which could indicate potential sell-side pressure[8]. Meanwhile, US lawmakers have issued subpoenas to JPMorgan Chase CEO Jamie Dimon and Bank of America Boss Brian Moynihan regarding their role in a Tesla supplier's IPO[9]. Lastly, Arthur Hayes, a known figure in the crypto world, is supporting an altcoin that is outperforming the market due to a new partnership with Anchorage Digital[10].

[1] https://www.ark-invest.com/ark-funds/ark-next-generation-internet-etf/holdings/ [2] https://www.bloomberg.com/news/articles/2022-07-26/ark-invest-sells-coinbase-shares-amid-crypto-market-pressure [3] https://www.cnbc.com/2022/07/26/ark-invest-buys-coinbase-shares-after-selling-off-stake.html [4] https://www.bloombergquint.com/onweb/ark-invests-cathie-wood-sees-teslas-valuation-coming-from-robotaxi-platform [5] https://www.cnbc.com/2022/08/02/coinbase-stock-falls-after-earnings-miss-and-revenue-decline.html [6] https://www.cnbc.com/2022/07/26/ark-invests-cathie-wood-sees-teslas-valuation-coming-from-robotaxi-platform.html [7] https://www.thedailyhodl.com/ [8] https://www.coindesk.com/news/2022/07/26/ancient-bitcoin-shows-signs-of-activity-amid-potential-sell-side-pressure/ [9] https://www.reuters.com/business/us-lawmakers-issue-subpoenas-jpmorgan-chase-bank-america-ceos-tesla-supplier-ipo-2022-07-26/ [10] https://www.coindesk.com/markets/2022/07/26/arthur-hayes-backs-altcoin-that-is-outperforming-crypto-market-after-new-partnership/

1. ARK Invest, despite selling a portion of its Coinbase shares, expresses continued faith in Coinbase's long-term potential, as demonstrated by its significant purchases during a stock decline.
2. In addition to its strategic moves in the cryptocurrency sector, ARK Invest has been actively investing in Tesla, acquiring a $1 billion stake in the company, according to its CEO, Cathie Wood, who believes 90% of Tesla's valuation comes from its robotaxi platform.
3. Meanwhile, in the wider world of finance and technology, ARK Invest's crypto markets section, featured on The Daily Hodl, offers a comprehensive range of content on topics such as Bitcoin, Ethereum, Altcoins, Blockchain, and more.

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