Arch Invest Sells More Coinbase Shares, Keeps Eye on Meta Platforms, Robinhood

As the stock price of Coinbase (COIN) soared to a 52-week high, Arc Invest, an investment management firm led by bitcoin (BTC) bull Cathy Wood, recently sold off more of its Coinbase shares.

Following a significant acquisition of Coinbase shares by Arc Invest during the bearish market, the investment firm recently sold a portion of its Coinbase holdings for the second time this week. Meanwhile, prominent bitcoin advocate Cathy Wood is actively investing in Meta Platforms (META) and Robinhood Markets (HOOD) shares.

Trading information seen by Cointelegraph shows that on July 14, Cathy Wood’s Arch Invest Fund sold a total of 478,356 Coinbase (COIN) shares worth $53 million, which coincides with the stock’s yearly high of $114.43.

In the transaction, Cathy Wood’s flagship fund ARK Innovation ETF (ARKK) sold 263,247 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 35,666 COIN shares.

In June, Cathy Wood began buying Meta Platforms shares after the company announced the launch of “Threads”, a social media app similar to Twitter. ARK Innovation ETF (ARKK) bought 69,793 META shares, while ARK Fintech Innovation ETF (ARKF) bought 111,843 shares of Robinhood. Additionally, the ARK Next Generation Internet ETF (ARKW) increased its holdings with 12,559 META shares and 169,116 Robinhood shares.

According to Coinmarketcap, clozinCOIN stock was priced at $105.31 on Friday, showing a 1.58% drop as investors protected their profits. During the week, the COIN price increased by 33%, reaching a 24-hour high of $114.43, showing an impressive year-to-date increase of 213%. In addition to an overall surge in crypto-related stocks, Coinbase saw a significant increase following the summary judgment in the US SEC vs. Ripple lawsuit.

Connected: Allowing Coinbase To Go Public Wasn’t ‘Blessing’ From Regulators – SEC

Cathy Wood’s ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11, and ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares in March.

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