Ark Invest, one of the leading investment funds in the field of disruptive innovation, recently carried out a sell-off of shares related to technology and crypto. According to data from CoinGape, Ark Invest led by Cathie Wood has released a total of 72,242 Coinbase shares worth more than 12 million US dollars (Rp187.9 billion) in a week.
For additional information, Coinbase is the largest crypto exchange platform in the US, which reports revenues in the fourth quarter of 2023 that exceed market expectations. However, Ark Invest appears to be taking advantage of Coinbase's share price hike, which hit a two-year high at $190 on February 22, to realize profits.
Ark Invest sold 2,828 Coinbase shares through ARK Innovation ETF (ARKK), one of its largest funds. Previously, on February 21, Ark Invest also sold 31,747 Coinbase shares through ARKK and 8,936 shares through Ark Fintech Innovation ETF (ARKF). On February 20, Ark Invest released 19,732 Coinbase shares through ARKKK, 4,970 shares via ARKF, and 4,029 shares via the ARK Next Generation Internet ETF (ARKW).
Coinbase (COIN)'s share price fell 12.26% over the past week. At the close of trading Friday, February 23, COIN was at the level of USD 165.98 (IDR 2.59 million), down 2.88% from the previous day. After trading hours ended, COIN fell again 0.59%.
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Apart from Coinbase, Ark Invest also sells other stocks related to technology and crypto, such as Nvidia and Robinhood. Nvidia is a graphics chip manufacturer that is widely used for gaming, artificial intelligence and crypto mining purposes. Robinhood is a stock trading platform and crypto is popular among retail investors.
Despite having an optimistic view of artificial intelligence, Ark Invest again released Nvidia shares this week. On February 22, Ark Invest sold 5.067 shares of Nvidia worth US$4 million (Rp62.5 billion) through ARKW. Earlier, last week, Ark Invest also sold 12.146 shares of Google and 2.707 shares of Nvidia via ARK Autonomous Technology & Robotics ETF (ARKQ), as well as 1.969 Nvidia shares via ARKW.
Nvidia's share price (NVDA) jumped 6.41% so far this week. At Friday's close of trading, NVDA was at the level of US$788.17 (IDR 12.3 million), up 1.17% from the previous day.
Meanwhile, Ark Invest also sold large shares of Robinhood (HOOD) this week. On February 20, Ark Invest released 190,413 Robinhood shares via ARRW and 104,669 shares via ARKF. On February 22, Ark Invest resold 37,312 Robinhood shares.
Robinhood's share price (HOOD) jumped 8.46% this week. At Friday's close of trading, HOOD was at the level of $14.48, up 3.65% from the previous day. After trading hours ended, HOOD rose again 1.17%.
Ark Invest is one of the well-known investment funds with its strategy focused on disruptive innovation in various sectors, such as technology, health, and energy. Ark Invest manages several Exchange Trade Funds (ETFs), which have performed well in recent years. However, Ark Invest has also faced challenges from market volatility and competition from other funds that mimic its strategy.
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