Cathie Wood’s ARK Invest Dumps $105,300,000 in Coinbase (COIN) Stock After All-Time High – All in Just One Week

ARK Invest Sells Millions of Dollars Worth of Coinbase Shares After Record High

The tech-focused investment firm ARK Invest is making headlines after selling off tens of millions of dollars worth of Coinbase (COIN) shares just days after the stock reached a new all-time high.

On July 18th, COIN surged to a record level of $444.65, surpassing its previous high of $429 on April 14th, 2021.

Within three days of this rally, ARK Invest started unloading Coinbase shares, causing COIN to drop from the firm’s top holding to second place.

Data from Cathiesark.com reveals that ARK Invest sold $105,300,000 worth of COIN from July 21st to 24th. As they were selling COIN, the firm was actively purchasing shares of Tesla (TSLA), acquiring $43.7 million worth of TSLA during the same period.

Currently, TSLA holds the top position in ARK Invest’s portfolio, with a $1 billion stake in the electric vehicle company. Coinbase now ranks second, with the firm holding $803.5 million worth of COIN shares.

ARK Invest’s increased interest in TSLA follows CEO Cathie Wood’s bold prediction that the stock could be valued at thousands of dollars by 2030.

“Our prediction in five years is $2,600, and 90% of that valuation comes not from the electric vehicle, but from this robotaxi platform. Because the electric car, if you think about it, is a one-shot sale. Sell and hope they come when they’re replacing their car.”

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