Cathie Wood-led Ark Invest has made strategic adjustments to its investment portfolio amid the recent surge in the cryptocurrency market. Notably, the firm divested a significant portion of its holdings in major crypto exchanges, including Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD) over the course of one week.
Ark Invest initiated its selling spree of Coinbase shares on Monday, February 26, selling 35,509 shares valued at $6.9 million. Despite Coinbase’s stock surge that day, closing at $193.94 with a gain of 16.85%, Ark Invest remained consistent in its divestment strategy.
The selling continued throughout the week, with Ark Invest selling 46,531 Coinbase shares on Tuesday, February 27, valued at $9.3 million, and 86,298 shares on Wednesday, February 28, worth $17.32 million. The divestment trend persisted with 9,843 shares sold on Thursday, February 29, amounting to $1.94 million, and 38,854 shares offloaded on Friday, March 1, valued at nearly $8 million. In total, Ark Invest sold 216,035 COIN shares, totaling approximately $43.4 million.
These divestments coincide with a week of significant developments in the cryptocurrency market. Bitcoin witnessed a bullish momentum, briefly surpassing the ₽5779.82K mark before settling at ₽5596.33K. This surge has been attributed to growing anticipation around the upcoming halving event and the introduction of Bitcoin ETFs, which have garnered substantial investor interest.
Shiba Inu, a meme coin built on the Ethereum blockchain, also experienced a notable rally, driven by strategic partnerships and ecosystem developments. Meanwhile, Floki, another altcoin, surged by 100% due to factors such as increased accumulation and efforts towards mainstream adoption.
Overall, these events reflect the ongoing dynamism and evolution within the cryptocurrency market, with Ark Invest’s strategic adjustments serving as a testament to the firm’s proactive investment approach in response to market trends.