ARK Invest, an investment management firm, has made some recent moves in its portfolio, accumulating shares of Meta and Robinhood while selling off more shares of Coinbase. The firm sold 478,356 shares of Coinbase, valued at $53 million, as the cryptocurrency exchange’s stock prices reached a 52-week high.
Specifically, ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 shares, and ARK Fintech Innovation ETF sold 35,666 shares. This follows their previous sale of 135,152 Coinbase shares, worth $12 million, earlier in the week. In March, the company also sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million.
ARK Invest, led by crypto-friendly Cathie Wood, has been aggressively acquiring Coinbase stock across multiple funds since the collapse of FTX, a former top cryptocurrency exchange. In June alone, ARK purchased about $40 million worth of Coinbase shares. They also bought around $33 million of shares in April and May and $117 million worth of shares in March.
Alongside their actions with Coinbase, ARK Invest has also started accumulating shares of Meta and Robinhood. They began accumulating Meta shares in June after the announcement of the social media app Threads, which has quickly become the fastest-growing app in the world. On Friday, ARK Innovation ETF acquired 82,352 Meta shares, worth over $25 million based on the closing price of $308.87.
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ARK Fintech Innovation ETF acquired 111,843 shares of Robinhood, and ARK Innovation ETF purchased 69,793 shares of Meta. ARK Next Generation Internet ETF holds 12,559 Meta shares and 169,116 Robinhood shares. In addition, in the previous month, ARK Invest purchased approximately 560,000 shares of Robinhood worth around $5.3 million at the time.
Coinbase’s stock has been experiencing a rally recently, boosted by positive news in the crypto industry. First, Coinbase was listed as a surveillance-sharing partner for several spot Bitcoin ETF applicants in the United States, including BlackRock and Fidelity. This partnership indicates growing acceptance and legitimacy of Coinbase as a leading cryptocurrency exchange.
Furthermore, the crypto industry scored a significant win against the SEC after a US court ruling favored Ripple in an ongoing lawsuit. The court ruled that selling XRP on exchanges did not constitute an investment contract. Following this ruling, Coinbase’s stock has increased nearly 25%, and the company’s value has risen over 201% since the beginning of the year.
ARK Invest’s actions reflect their strategic decisions to navigate the cryptocurrency market and take advantage of emerging opportunities. By accumulating shares of Meta and Robinhood while reducing their stake in Coinbase, the firm aims to capitalize on the growth potential of these companies. Additionally, the rally in Coinbase’s stock demonstrates the positive sentiment surrounding the company and the broader crypto industry, fueled by recent developments and increased institutional acceptance.
