⚠️ CathieDWood’s ARKInvest has offloaded over $88M worth of Coinbase’s COIN shares in 2 weeks! What has caused this move? Read here -
Following a rough start, Coinbase reported a net loss of $79 million in Q1 this year, down from $430 million lost during the same period last year. In a shareholder letter, Coinbase said it was a “turning point” in building a more efficient and financially disciplined company.
The recent moves by ARK Invest are unusual as it made a series of buys of Coinbase’s stock during crypto winter. However, Wood attributed the sales to simple profit-taking. In a recent Bloomberg, the exec said that the investment firm is instead looking to relocate “capital to perhaps some laggards.” She added,
“Flows are coming back. One of the reasons, ARKK established a base over the last year and it has been trading up and down through that base. I think a lot of investors and more who are technically oriented are looking now at a breakout in our strategy. We’ll see if it continues. We have enjoyed positive inflows in July, which have cut in half the outflows.”
Besides COIN, ARK has also offloaded Tesla shares worth $13 million and instead purchased additional shares of Meta Platforms and Robinhood .
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