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ARK Invest, the asset management firm and Bitcoin exchange-traded fund (ETF) issuer led by Bitcoin advocate Cathie Wood, has sold a significant amount of Coinbase, Robinhood, and Nvidia stocks.
According to Ark Invest Daily’s Feb. 26 reveals, the ARK Innovation ETF (ARKK) sold 35,509 Coinbase (COIN) shares worth $6.89 million based on its closing price at $193.94.
Cathie Wood and Ark Invest's trade activity from today 2/26 pic.twitter.com/77xuaNw2my
— Ark Invest Daily (@ArkkDaily) February 27, 2024
Coinbase, on the other hand, surged from its opening price of $168.66 of the day, briefly touched the $193 level and marked an eventual gain of 16.85% in one day.
The divestment of Coinbase holdings signified a continuation of its previous selling of $34.3 million from ARKK, ARKF, and ARKW earlier in February.
Over the past month, Coinbase has soared a significant 46% from $132.82 to its current level.
ARK Funds Sell Robinhood and Nvidia
In addition, the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) sold 444,853 Robinhood (HOOD) shares combined worth $6.94 million based on the closing price at $15.59.
Other considerable trading activities included the 2,724 Nvidia (NVDA) shares worth $2.15 million sold by the ARK Genomic Revolution ETF (ARKG).
Ark Invest Details How Bitcoin Can Reach $2.3 Million
Ark Invest’s “Big Ideas” recently published an analysis of a potential pathway for Bitcoin price to reach $2.3 million.
Brett Winton, Ark’s Director of Research, suggested that historically, an allocation of about 0.5% to 4.8% of an investor’s portfolio in Bitcoin could have yielded the best returns over a five-year period.
The report indicated that a minor global investment of just 1% from the $250 trillion in investable assets into Bitcoin could push its price to $120,000. A more substantial allocation of 19.4% could potentially elevate the price to $2.3 million.
The firm also reflected on Bitcoin’s significant price rebound in 2023, marking a 155% increase. Key events contributing to Bitcoin’s performance included record-breaking transaction volumes, Ripple’s legal victory over the SEC, and PayPal’s launch of a USD stablecoin.
It highlighted Bitcoin’s resilience, particularly noting its surge following the collapse of regional banks like Silicon Valley Bank, emphasizing its role in mitigating counterparty risk.