Bitcoin bull Cathie Wood’s investment management firm Ark Invest offloads additional holdings of Coinbase and Tesla shares on Tuesday as the stock price fell amid the second quarter earning reports. Cathie Wood continues her Coinbase (COIN) and Tesla (COIN) selling spree as prices reached near the 52-week high levels.
Cathie Wood’s Ark Invest also sold shares of Exact Sciences, Iovance Biotherapeutics, Kratos Defense & Security Solutions, and Airbus SE. Ark Invest purchased Incyte, Moderna, Accolade, Iridium Communications, Spotify, and Cameco shares.
Cathie Wood’s Ark Invest Selling Coinbase Shares
On July 25, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 53,675 Coinbase shares worth $5.4 million, according to transactions seen by CoinGape.
COIN stock price closed 1.18% lower at $97.68 on Tuesday, but has jumped 0.17% to $97.85 in pre-market hours on July 26. Coinbase stock price fell more than 10% in the last few days after Ark Invest and other investors started profit booking.
Cathie Wood’s Ark Invest funds have sold COIN stocks worth billions, with a total of 52,224 shares sold last time on July 18.
Coinbase will announce the second quarter financial results on August 3. Investors can start to submit and upvote questions for Coinbase management for the earnings call from July 27. Last quarter, Coinbase’s revenue dipped due to a significant drop in trading volumes amid crypto regulatory crackdowns in the US. While sentiment for Bitcoin price rally stays afloat, Ark Invest is considering the impact of the US SEC v Coinbase lawsuit.
Cathie Wood said Ark Invest is taking profits and reallocating capital to other crypto-related shares such as Robinhood Markets and Meta. She also reiterated that Bitcoin (BTC) price can hit $1.5 million by 2030 as Judge Torres’ ruling in the Ripple vs SEC lawsuit and flurry of Bitcoin ETF filings.
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Ark Invest Sells Tesla Shares
Cathie Wood’s ARK Autonomous Technology & Robotics ETF (ARKQ) sold 20,700 TSLA shares worth $5.5 million on July 25. TSLA stock price closed 1.40% down at $265.28 on Tuesday, after dropping more than 10% in the past 7 days.
Ark Invest funds have also offloaded Tesla shares worth millions this month ahead of the earnings release. Tesla reported an increase in revenue and net profit, but shares dipped as the operating margin fell.
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