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Cathie Wood’s Ark Invest Sells $7M Shares Each in Coinbase, Robinhood

ARK Invest, the prominent asset management firm and issuer of a Bitcoin exchange-traded fund (ETF), led by fervent Bitcoin advocate Cathie Wood, has recently offloaded a substantial portion of its holdings in Coinbase, Robinhood, and Nvidia stocks.

According to the latest disclosures from Ark Invest Daily on Feb. 26, the ARK Innovation ETF (ARKK) divested 35,509 shares of Coinbase (COIN), valued at $6.89 million based on the closing price of $193.94.

Coinbase, however, experienced a surge from its opening price of $168.66 that day, briefly reaching the $193 mark and ultimately recording a remarkable one-day gain of 16.85%.

The decision to sell off Coinbase holdings follows previous divestments totaling $34.3 million from ARKK, ARKF, and ARKW earlier in February.

Over the course of the past month, Coinbase has seen a substantial 46% increase in value, rising from $132.82 to its current level.

ARK Funds Sell Robinhood and Nvidia

Furthermore, the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) collectively divested 444,853 shares of Robinhood (HOOD), valued at $6.94 million based on the closing price of $15.59.

Notable trading activities also encompassed the sale of 2,724 Nvidia (NVDA) shares worth $2.15 million by the ARK Genomic Revolution ETF (ARKG).

Ark Invest Details How Bitcoin Can Reach $2.3 Million

Ark Invest’s “Big Ideas” recently released an analysis outlining a potential trajectory for Bitcoin’s price to reach $2.3 million.

Brett Winton, Ark’s Director of Research, suggested that historically, allocating between 0.5% to 4.8% of an investor’s portfolio to Bitcoin could have resulted in optimal returns over a five-year period.

The report indicated that even a modest global investment of just 1% from the $250 trillion in investable assets into Bitcoin could propel its price to $120,000. A more substantial allocation of 19.4% could potentially push the price to $2.3 million.

Furthermore, the firm reflected on Bitcoin’s notable price resurgence in 2023, marking a 155% increase. Key factors contributing to Bitcoin’s performance included record-breaking transaction volumes, Ripple’s legal victory over the SEC, and PayPal’s introduction of a USD stablecoin.

The report underscored Bitcoin’s resilience, particularly highlighting its surge following the collapse of regional banks like Silicon Valley Bank, underscoring its role in mitigating counterparty risk.

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