|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Ark Invest Sells Coinbase and Robinhood as Crypto Stocks Surge
Mar 23, 2024 at 09:02 pm
Cathie Wood's Ark Invest Sells Coinbase and Robinhood Amid Stock Surge
Cathie Wood's Ark Invest has been making headlines this week for its significant divestments in Coinbase (COIN) and Robinhood (HOOD). But why did the firm sell these stocks while their prices were hitting new highs?
COIN Sell-Off
On Friday, Ark Invest unloaded approximately $55.6 million worth of COIN stock, with its ARK Innovation ETF (ARKK) selling 151,271 shares for $38.65 million and its ARK Next Generation Internet ETF (ARKW) offloading 60,332 shares for $15.41 million. The Ark Fintech Innovation ETF (ARKF) also contributed to the sell-off, shedding 6,007 shares worth $1.53 million.
HOOD Divestment
Ark Invest also dumped $5.76 million worth of HOOD stock on Friday. ARKK sold 229,586 shares for $4.20 million, while ARKW disposed of 50,711 shares for $928,000 and ARKF unloaded 34,492 shares for $631,000.
Market Reaction
Despite the surge in COIN and HOOD stock prices leading up to the divestments, both stocks fell significantly on Friday, with COIN dropping 2.48% to $255.51 and HOOD plummeting 4.14% to $18.30.
Bearish Outlook
The massive sell-off by Ark Invest reflects Cathie Wood's bearish outlook on crypto stocks in the short term. Wood has expressed concerns about the regulatory environment and the potential for a market correction in the crypto sector.
Reddit IPO Interest
Despite the divestments in COIN and HOOD, Ark Invest has expressed interest in investing in the upcoming Reddit IPO. Wood has praised Reddit's community-driven platform and its potential for growth.
Market Implications
The divestments by Ark Invest have raised questions about the future of crypto stocks and the broader technology sector. Some analysts believe that the sell-off could signal a broader market correction, while others see it as a tactical move by Wood to rebalance her portfolio.
Conclusion
Cathie Wood's Ark Invest has made a significant bet against crypto stocks with its divestments in Coinbase and Robinhood. The firm's bearish outlook and interest in the Reddit IPO suggest that Wood believes the crypto sector may be due for a correction, while the technology sector may still offer opportunities for growth.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- October Closes on a High Note with Significant Achievements in the Crypto Sector—X Empire's Token Airdrop, a Surge in Bitcoin ETFs, and BlockDAG's Major Website Overhaul
- Oct 31, 2024 at 12:25 pm
- The recent airdrop by X Empire left many crypto enthusiasts disenchanted, questioning its future prospects. Meanwhile, Bitcoin is experiencing a substantial institutional endorsement, with ETFs pushing market demand to unprecedented levels.
-
- 7 million. We continue to manage our expenses very closely, and we're pleased with the progress we've made year-to-date. We ended the quarter with 4,714 employees, down 11% quarter over quarter. And we expect headcount to be relatively flat in Q4.
- Oct 31, 2024 at 12:25 pm
- Coinbase Global (COIN -3.61%)Q3 2024 Earnings Call Oct 30, 2024, 5:30 p.m. ET
-
- Altcoins Might Soon Witness a Significant Upswing, Market Experts Say
- Oct 31, 2024 at 12:25 pm
- The cryptocurrency landscape might soon witness a significant shift, with altcoins slated for a potential upswing. According to market experts, various indicators suggest that a change is on the horizon for these digital assets.
-
- Bitcoin Dominance Rises as the US Presidential Election Draws Near, Potentially Dampening Hopes for an Altcoin Season
- Oct 31, 2024 at 12:20 pm
- Bitcoin's dominance over the cryptocurrency market is rising as the US Presidential Election draws near. This potentially dampens hopes for an altcoin season.