{"id":36334,"date":"2023-07-16T06:43:07","date_gmt":"2023-07-16T10:43:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ark-invest-bets-big-on-meta-platforms-and-robinhood-reduces-coinbase-position\/"},"modified":"2023-07-16T06:43:08","modified_gmt":"2023-07-16T10:43:08","slug":"ark-invest-bets-big-on-meta-platforms-and-robinhood-reduces-coinbase-position","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36334","title":{"rendered":"ARK Invest Bets Big on Meta Platforms and Robinhood, Reduces Coinbase Position"},"content":{"rendered":"
\n

Investment management firm\u00a0ARK Invest<\/strong>\u00a0has started accumulating\u00a0Meta\u00a0<\/strong>and\u00a0Robinhood\u00a0<\/strong>shares while selling more\u00a0Coinbase<\/strong>\u00a0shares.\u00a0<\/p>\n

On Friday, the company offloaded 478,356 Coinbase shares valued at $53 million as the crypto exchange\u2019s stock prices reached a 52-week high.<\/p>\n

More specifically, ARK Invest’s e flagship fund ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and ARK Fintech Innovation ETF offloaded 35,666 shares of the exchange.<\/p>\n

This came after the investment management firm, which is spearheaded by crypto-friendly\u00a0Cathie Wood<\/strong>,\u00a0sold 135,152 Coinbase shares\u00a0worth $12 million earlier in the week.\u00a0<\/p>\n

Likewise, back in March, the company offloaded 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, roughly $84 per share.<\/p>\n

Woods’ Ark Invest has been aggressively stockpiling Coinbase stock in multiple ARK funds since the collapse of FTX, once the third-largest cryptocurrency exchange in the world.<\/p>\n

In June alone,\u00a0ARK purchased about $40 million\u00a0of Coinbase shares. Previously, the investment firm bought around $33 million of shares in April and May, as well as $117 million\u00a0worth of Coinbase shares in March.<\/p>\n

ARK Invest Starts Accumulating Meta and Robinhood Shares<\/h2>\n

ARK Invest has been accumulating Meta shares since June when the company announced its new social media app\u00a0Threads<\/strong>, which has already become the fastest-growing app in the world.\u00a0<\/p>\n

On Friday, ARK Innovation ETF acquired 82,352 Meta shares, worth more than $25 million based on the stock’s closing price of $308.87 on Friday.<\/p>\n

The move comes as Meta has become the second-best performer among S&P 500 companies this year, having added about 157%.<\/p>\n

Likewise, the ARK Fintech Innovation ETF (ARKF) acquired 111,843 shares of Robinhood, while the ARK Innovation ETF (ARKK) purchased 69,793 shares of META.\u00a0<\/p>\n

ARK Next Generation Internet ETF (ARKW) also holds 12,559 META shares and 169,116 Robinhood shares.<\/p>\n

It is worth noting that ARK Invest also purchased roughly 560,000 shares of the online brokerage firm last month. The purchases were worth around $5.3 million at the time.\u00a0<\/p>\n

Coinbase Exteneds Rally as Crypto Scores a Win Against the SEC<\/h2>\n

Coinbase stock has been rallying over the past couple of days amid an inflow of some good news.\u00a0<\/p>\n

For one, the exchange was\u00a0listed as a surveillance-sharing partner\u00a0for several spot Bitcoin ETF applicants in the United States, including giants BlackRock and Fidelity.\u00a0<\/p>\n

Furthermore, the crypto industry scored a win against the SEC after a\u00a0US court ruled in favor of Ripple\u00a0in the XRP ongoing lawsuit, claiming that selling XRP on exchanges in itself does not constitute an investment contract.\u00a0<\/p>\n

Since the ruling, COIN is up nearly 25%. The company has also gained more than 201% since the start of the year.\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investment management firm\u00a0ARK Invest\u00a0has started accumulating\u00a0Meta\u00a0and\u00a0Robinhood\u00a0shares while selling more\u00a0Coinbase\u00a0shares.\u00a0 On Friday, the company offloaded 478,356 Coinbase shares valued at $53 million as the crypto exchange\u2019s stock prices reached a 52-week high. More specifically, ARK Invest’s e flagship fund ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and […]<\/p>\n","protected":false},"author":1,"featured_media":36335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-36334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nARK Invest Bets Big on Meta Platforms and Robinhood, Reduces Coinbase Position | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investment management firm\u00a0ARK Invest\u00a0has started accumulating\u00a0Meta\u00a0and\u00a0Robinhood\u00a0shares while selling more\u00a0Coinbase\u00a0shares.\u00a0On Friday, the company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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