Ark Invest, led by
Cathie Wood, has been making major changes in its portfolio, with a significant focus on its cryptocurrency investments. It has drastically reduced its holdings in Coinbase Global Inc, with numerous sales reported across several weeks, amounting up to almost $200 million in total. Furthermore, it has unloaded its own spot
Bitcoin ETF, valuing at around $7.8 million, leaving Bitcoin for
Ether staking ETF 3iQ.
Similar shifts are seen in ARKB and COIN too, as ARK continues to divest from Coinbase, even as the brokerage firm sees a surge in its stock value.
Bitcoin, which has seen vast fluctuations, fails to retest the $70K mark which might be one of the reasons prompting ARK's divestment.
Contrarily, Ark's augmentation in Ether seems to be linked with its disassociation from Coinbase and the digital currency's potential despite the
crypto market's instability. Highlighting the future, ARK predicts a $1M+ Bitcoin Price, and Cathie Wood believes that we are only 'halfway through' the bullish run for Bitcoin.
ARK in the meantime, is gearing up for new opportunities, with a significant investment into Elon Musk's AI venture. A significant part of the investment strategy seems to be geared towards digital wallet wars, with emphasis on a potential 'winner take most' eventuality.
Diversification outside crypto was also seen as ARK bought shares of AMD and a rival of Meta Platforms, reducing the Coinbase exposure amid a Bitcoin drop.
Overall, the phase is marked by a visible shift from Bitcoin to Ether and divesting from Coinbase, along with investments spread across different industries, indicating strategic portfolio diversification.
ARK Coin News Analytics from Mon, 11 Dec 2023 08:00:00 GMT to Fri, 02 Aug 2024 16:44:44 GMT -
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