ARK Invest Sells Significant Holdings of Coinbase, Robinhood, and Nvidia Stocks
ARK Invest, the asset management firm and Bitcoin exchange-traded fund (ETF) issuer led by Bitcoin advocate Cathie Wood, has sold a significant amount of Coinbase, Robinhood, and Nvidia stocks. The divestment of Coinbase holdings signifies a continuation of its previous selling of $34.3 million from ARKK, ARKF, and ARKW earlier in February. Over the past month, Coinbase has soared a significant 46% from $132.82 to its current level.
ARK Funds Sell Robinhood and Nvidia
In addition, the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) sold 444,853 Robinhood (HOOD) shares combined worth $6.94 million based on the closing price at $15.59. Other considerable trading activities included the 2,724 Nvidia (NVDA) shares worth $2.15 million sold by the ARK Genomic Revolution ETF (ARKG).
Ark Invest’s Analysts Predict Bitcoin’s Potential Pathway to Reach $2.3 Million
Ark Invest’s “Big Ideas” recently published an analysis of a potential pathway for Bitcoin’s price to reach $2.3 million. Brett Winton, Ark’s Director of Research, suggested that historically, an allocation of about 0.5% to 4.8% of an investor’s portfolio in Bitcoin could have yielded the best returns over a five-year period. The report indicated that a minor global investment of just 1% from the $250 trillion in investable assets into Bitcoin could push its price to $120,000. A more substantial allocation of 19.4% could potentially elevate the price to $2.3 million. The firm also reflected on Bitcoin’s significant price rebound in 2023, marking a 155% increase. Key events contributing to Bitcoin’s performance included record-breaking transaction volumes, Ripple’s legal victory over the SEC, and PayPal’s launch of a USD stablecoin. It highlighted Bitcoin’s resilience, particularly noting its surge following the collapse of regional banks like Silicon Valley Bank, emphasizing its role in mitigating counterparty risk.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
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