ARK Invest Bets Big on Meta-Platforms and Robinhood, Reduces Coinbase Position
investment management company ark invest has begun to accumulate Goal and Robin Hood shares while selling more coin base share.
On Friday, the company dumped 478,356 Coinbase shares valued at $53 million as the crypto exchange’s share prices hit a 52-week high.
More specifically, ARK Invest’s flagship electronic fund, the ARK Innovation ETF, sold 263,247 Coinbase shares, the ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and the ARK Fintech Innovation ETF dumped 35,666 shares of the exchange.
This came after the investment management company, led by crypto-friendly cathie woodsold 135,152 Coinbase shares worth $12 million earlier in the week.
Also, in March, the company dumped 160,887 Coinbase shares of its ARK Fintech Innovation ETF for $13.5 million, roughly $84 per share.
Woods’ Ark Invest has been aggressively accumulating Coinbase shares across multiple ARK funds since the collapse of FTX, once the world’s third-largest cryptocurrency exchange.
In June alone, ARK bought around $40 million worth of Coinbase shares. Previously, the investment firm bought around $33 million worth of shares in April and May, as well as $117 million worth of Coinbase shares in March.
ARK Invest Begins Accumulating Shares of Meta and Robinhood
ARK Invest has been accumulating shares of Meta since June, when the company announced its new social media app. Threadswhich has already become the fastest growing app in the world.
On Friday, ARK Innovation ETF acquired 82,352 shares of Meta, worth more than $25 million based on the shares’ closing price of $308.87 on Friday.
The move comes as Meta has become the second best performer among S&P 500 companies this year, having added about 157%.
In addition, ARK Fintech Innovation ETF (ARKF) purchased 111,843 Robinhood shares, while ARK Innovation ETF (ARKK) purchased 69,793 META shares.
ARK Next Generation Internet ETF (ARKW) also owns 12,559 META shares and 169,116 Robinhood shares.
It’s worth noting that ARK Invest also bought roughly 560,000 shares of the online brokerage firm last month. The purchases were worth about $5.3 million at the time.
Coinbase Extends Rally as Crypto Picks Up a Victory Against the SEC
Coinbase shares have rallied in recent days amid an influx of good news.
For one, the exchange was listed as a co-watchdog partner for several Bitcoin ETF applicants in the United States, including giants BlackRock and Fidelity.
Furthermore, the crypto industry scored a victory against the SEC after a US court ruled in favor of Ripple in the ongoing XRP lawsuit, claiming that selling XRP on exchanges does not in itself constitute a contract of investment.
Since the ruling, COIN is up almost 25%. The company has also gained more than 201% since the start of the year.