- Cathie Woods is the CEO of Ark Invest, and they recently made some major sales. Previously, the investment company became quite famous for its investment in Coinbase.
- However, they seem to be parting ways after making major sales involving Coinbase. The Coinbase stock sale isn’t the only one. They also sold some Warren Buffet-backed stocks.
Cathie Wood is the celebrity CEO of the investment platform Ark Invest. She is often known for her rather spontaneous decisions regarding the investment market. It seems the investment firm is making some changes to its strategies. Apparently, they are selling some of their old stocks, even Coinbase’s.
Cathie Wood Sells Off Coinbase Stocks
The manner through which Cathie Wood purchased Coinbase stocks seemed a little strange. Nevertheless, she seemed not to care as she added more shares of Coinbase stock. In fact, this was when Coinbase was facing charges from the Securities and Exchange Commission. But Ark Invest is back selling again after making some late Coinbase stock sales in June.
The transaction happened on July 26th. Then, Ark Invest sold several thousand Coinbase shares. Going into details, Ark Invest sold 6,992 shares worth $697,452 at that time. Apparently, the closing price of the Coinbase stock when they made this sale was around $99.75. Furthermore, ARK Next Generation Internet ETF handled the transaction.
The recent sales of Ark Invest holdings are part of their new strategy of trimming down some of their holdings. In fact, the Coinbase sale is just a part of the plan.
Cathie Wood Sell Off Warren Buffet-backed Stocks
Cathie Wood didn’t stop trimming down Coinbase. In fact, her investment company made more significant sales on Warren Buffet-backed holdings. One of them is the Chinese EV maker BYD Co Ltd. Apparently, the EV market is getting more competitive, so they had to make sales to avoid losses. More importantly, this is part of the shift in Ark Invest’s investment strategies.
Ark Invest sold about 19,752 shares of BYD through its ARK Autonomous Technology & Robotics ETF. However, this particular sale was worth more than the Coinbase shares. Valued at a total of $1.3 million transaction based on the closing price of $69.23. Although positive news sprouted around this EV company, Ark Invest decided to reduce its holdings.
More Recent Sales by Ark Invest
After selling Coinbase and Chinese EV maker BYD Co Ltd shares, Cathie Wood went on to make more sales for Ark Invest. This time, two key trades took the highlight from the company’s trading activities at the end of July.
Ark Invest’s ARK Genomic Revolution ETF sold 10,000 shares of Exact Sciences Corp. Furthermore, they sold around 129,463 shares of Iovance Biotherapeutics Inc.
In conclusion, the new sales from Ark Invest seem to result from their new investment strategies. Apparently, the company wants to reduce its stake in many stock holdings. Coinbase and Chinese EV maker BYD Co Ltd took the highlight from the latest sales.
