ARK Invest Bets Big on Meta Platforms and Robinhood, Reduces Coinbase Position
Investment management firm ARK Invest has started accumulating Meta and Robinhood shares while selling more Coinbase shares.
On Friday, the company offloaded 478,356 Coinbase shares valued at $53 million as the crypto exchange’s stock prices reached a 52-week high.
More specifically, ARK Invest’s e flagship fund ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and ARK Fintech Innovation ETF offloaded 35,666 shares of the exchange.
This came after the investment management firm, which is spearheaded by crypto-friendly Cathie Wood, sold 135,152 Coinbase shares worth $12 million earlier in the week.
Likewise, back in March, the company offloaded 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, roughly $84 per share.
Woods’ Ark Invest has been aggressively stockpiling Coinbase stock in multiple ARK funds since the collapse of FTX, once the third-largest cryptocurrency exchange in the world.
In June alone, ARK purchased about $40 million of Coinbase shares. Previously, the investment firm bought around $33 million of shares in April and May, as well as $117 million worth of Coinbase shares in March.
ARK Invest Starts Accumulating Meta and Robinhood Shares
ARK Invest has been accumulating Meta shares since June when the company announced its new social media app Threads, which has already become the fastest-growing app in the world.
On Friday, ARK Innovation ETF acquired 82,352 Meta shares, worth more than $25 million based on the stock’s 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%.
Likewise, the ARK Fintech Innovation ETF (ARKF) acquired 111,843 shares of Robinhood, while the ARK Innovation ETF (ARKK) purchased 69,793 shares of META.
ARK Next Generation Internet ETF (ARKW) also holds 12,559 META shares and 169,116 Robinhood shares.
It is worth noting that ARK Invest also purchased roughly 560,000 shares of the online brokerage firm last month. The purchases were worth around $5.3 million at the time.
Coinbase Exteneds Rally as Crypto Scores a Win Against the SEC
Coinbase stock has been rallying over the past couple of days amid an inflow of some good news.
For one, the exchange was listed as a surveillance-sharing partner for several spot Bitcoin ETF applicants in the United States, including giants BlackRock and Fidelity.
Furthermore, the crypto industry scored a win against the SEC after a US court ruled in favor of Ripple in the XRP ongoing lawsuit, claiming that selling XRP on exchanges in itself does not constitute an investment contract.
Since the ruling, COIN is up nearly 25%. The company has also gained more than 201% since the start of the year.