ARK Invest selling Coinbase shares and eyeing Meta platforms and Robinhood for web 3.0 crypto investments.
ARK Invest sells more Coinbase shares, eyes Meta platforms, Robinhood

ARK Invest Sells Coinbase Shares

As Coinbase stock reaches its 52-week high, ARK Invest — the investment management firm led by Bitcoin (BTC) bull Cathie Wood — has recently sold a portion of its shares in the crypto exchange. This is the second time this week that the firm has sold off its Coinbase holdings.

Trading information seen by Cointelegraph reveals that on July 14, ARK Invest sold a total of 478,356 Coinbase shares valued at $53 million, corresponding to the stock’s yearly high of $114.43. This includes 263,247 shares sold from the ARK Innovation ETF, 93,227 shares from the ARK Next Generation Internet ETF, and 35,666 shares from the ARK Fintech Innovation ETF.

Meanwhile, Wood’s firm is actively investing in Meta Platforms, Robinhood Markets, and other web 1.0 vs web 2.0 vs web 3.0 related stocks such as, big bear ai, and

Web 2.0 vs Web 3.0: Impact on Stocks

In June, Wood initiated the purchase of Meta Platforms shares when the company launched Threads, a social media app comparable to Twitter. ARK Innovation ETF acquired 69,793 Meta shares, while ARK Fintech Innovation ETF invested in 111,843 shares of Robinhood. Moreover, ARK Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.

As per CoinMarketCap, the closing price of Coinbase stock on Friday was $105.31, with a 1.58% decline as investors secured their profits. During the week, the price surged by 33%, reaching a 24-hour high of $114.43, marking a year-to-date increase of 213%. This upswing in crypto-related stocks was due to the summary judgment in the United States Securities and Exchange Commission vs. Ripple lawsuit, as well as the development of Web 3.0.

Wood’s ARK Innovation ETF sold 135,152 Coinbase shares worth $12 million on July 11, and ARK Fintech Innovation ETF sold 160,887 Coinbase shares in March, both of which can be attributed to the emergence of Web 2.0 and Web 3.0.

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