↝ ARK's Strategic Moves in Cryptocurrency Market: Buying Dips, Selling Highs, and Pioneering Innovations

The investment firm ARK, led by Cathie Wood, has been making notable transactions in the cryptocurrency market. Amid a market slump, ARK invested heavily in Coinbase, purchasing 17.8 million dollars’ worth of Coinbase shares and Robinhood, investing 2.4 million dollars. However, as the crypto market has both risen and fallen significantly in recent weeks, it seems ARK has been adjusting its holdings, selling stocks worth millions of dollars as well. This includes Coinbase, which saw its shares being offloaded on multiple occasions, even as the stock hit a 5 month low. All while, Ark has been turning its attention to Ether Staking ETFs, signaling a potential shift in strategy.

The firm also had a significant stake in its own Ark 21Shares Bitcoin ETF. However, despite rumors of a bullish trend for Bitcoin, ARK divested a substantial amount of its shares here too, at a value of $7.8 million. A major milestone was witnessed when the fund bought a whopping $47.5 million worth of AMD shares and simultaneously reduced its exposure to Coinbase during the Bitcoin drop. Interestingly, in the midst of these strategic moves, signs of the firm pulling out of Ether ETF proposal were noticed when it terminated its partnership with 21Shares. Meanwhile, the firm envisages digital wallet wars as a 'winner-take-most' event.

Cathie Wood has been confident about the potential of Bitcoin, predicting it could reach a staggering million dollars in future. Amidst these developments, Ark Labs also announced the development of a new Bitcoin Layer 2 payments network.

ARK Coin News Analytics from Mon, 11 Dec 2023 08:00:00 GMT to Thu, 08 Aug 2024 14:54:59 GMT - Rating 0 - Innovation 4 - Information 3 - Rumor -5