Ark Invest Continues Crypto Stock Reallocation

The investment management firm of Bitcoin bull Cathie Wood, Ark Invest, sold additional Coinbase and Tesla shares on Tuesday, marking the third consecutive day of declines for COIN and TSLA as their prices inch closer to 52-week highs.

Ark Invest is reallocating capital to other crypto-related equities, such as Robinhood Markets and Meta, after realizing profits.

Cathie Wood recently reaffirmed that the price of Bitcoin (BTC) could reach $1.5 million by 2030 in light of Judge Torres’ judgment in the Ripple vs. SEC case and a flurry of Bitcoin ETF filings.

According to transactions observed, Cathie Wood’s Ark Invest funds sold 52,224 Coinbase (COIN) shares worth $5.6 million on July 18.

It follows that Coinbase’s stock price reached a 52-week high after rising 85 percent in a month.

Tuesday’s closing price for COIN stock was $104.59, down 0.91 percent from Monday’s closing price of $104.59; however, pre-market trading on July 19 revealed a gain of 1.63 percent to $106.30 per share.

ARK Innovation ETF (ARKK), the flagship fund managed by Cathie Wood, sold 26,951 COIN shares; ARK Next Generation Internet ETF (ARKW) sold 8,708 COIN shares; and ARK Fintech Innovation ETF (ARKF) sold 16,565 COIN shares.

Ark Invest funds managed by Cathie Wood sold 248,838 Coinbase (COIN) shares valued at $26 million on July 17, 478,356 Coinbase (COIN) shares valued at $53 million on July 14, and ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares valued at $12 million on July 11.

ARK Innovation ETF (ARKK) also sold 24,189 TSLA shares, while ARK Next Generation Internet ETF (ARKW) sold 4,470 TSLA shares.

On July 17, ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) sold 38,329 and 6,855 TSLA shares, respectively.

Tuesday’s closing price for TSLA stock was $293.34, a 1% increase from the previous day’s close. TSLA shares have gained nearly 6% in the past week and 171% year-to-date.

Cathie Wood’s Ark Invest funds continue purchasing Meta Platforms (META) and Robinhood Markets (HOOD) shares, reallocating capital from Coinbase and Tesla shares to other crypto-related stocks.

On July 18, ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) acquired 271 and 428 Robinhood shares, respectively.

Monday saw the acquisition of 25,641 Robinhood shares by the ARK Fintech Innovation ETF (ARKF) and 37,630 Robinhood shares by the ARK Next Generation Internet ETF (ARKW).

In the last 30 days, the Robinhood stock price has increased by 25%, hovering around $12.57 in pre-market trading on Wednesday.