tl;dr
Cathie Wood's ARK Invest has sold nearly $4 million in Coinbase stock as Bitcoin and the crypto market experience a downturn. The firm's ETF offloaded 13,780 COIN shares worth $3.9 million, with COIN now priced at $274 per share—a 2% dip over the day and a 13% fall over five days. ARK still holds ov...
ARK Invest's Ark Fintech Innovation ETF (ARKF) has sold nearly $4 million in Coinbase stock (COIN) amidst a crypto market downturn. The firm offloaded 13,780 COIN shares worth $3.9 million, with COIN's price at $274 per share, reflecting a 2% dip over the day and a 13% fall over five days. Despite the sell-off, ARK still holds over 2.45 million COIN shares valued at $672 million.
The recent crypto market decline followed a speech by Federal Reserve Chair Jerome Powell, leading to a sharp drop in Bitcoin and U.S. equities. Bitcoin's price currently stands at $97,430 after dropping nearly 4% in the last day, following the market reaction to Powell's speech. This comes after Bitcoin touched a new all-time high of $108,135, surging double digits over a seven-day period.
The surge in Bitcoin and tech stocks was attributed to the election of Donald Trump, who has promised to support the digital asset industry. Trump's election and pro-digital asset promises have contributed to Bitcoin's upward trajectory, aligning with ARK Invest's heavy involvement in tech stocks and companies related to the AI and crypto space.
Cathie Wood’s ARK Invest has previously rebalanced its portfolio by making sizable sales of COIN shares, and this recent sell-off aligns with previous actions. The sharp market downturn was further accelerated by Powell's hawkish speech, indicating the central bank's cautious approach to interest rate trims, impacting both digital assets and U.S. equities.
Overall, the recent developments underscore the intricate interplay between macroeconomic events, political promises, and institutional trading decisions in shaping the volatile landscape of cryptocurrencies and stock investments.