Cathie Wood’s Ark Invest has recently increased its holdings in Coinbase (COIN) and Robinhood (HOOD) stocks as their prices have risen with the recovery in the crypto market. This comes after the asset manager had previously sold off these stocks.
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Ark Invest is adjusting its portfolio to respond to market changes, taking advantage of the recent bounce back in the crypto sector following a period of market correction due to macroeconomic factors.
Ark Invest Increases Coinbase and Robinhood Holdings
Ark Invest has increased its holdings in Coinbase (COIN) and Robinhood (HOOD) as the crypto market shows signs of recovery. On August 6, Ark Invest purchased 13,833 COIN shares, valued at around $2.6 million, and 84,080 HOOD shares, worth over $1.4 million. This follows a significant buy on August 5, where Ark added 93,797 COIN shares for approximately $17.8 million.
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These moves come as the crypto market rebounds from a previous dip caused by macroeconomic factors and a Bitcoin price drop below $50,000. Despite these fluctuations, recent gains in the crypto and global financial markets have positively impacted digital asset stocks. Coinbase’s stock is up 2.48% in the last 24 hours, supported by the company’s better-than-expected revenue of $1.4 billion.
Ark Invest Boosts Robinhood Holdings Amid Crypto Market Rebound
While Coinbase gains traction during the current market rebound, other related stocks are also drawing investor interest. Cathie Wood’s Ark Invest increased its holdings in Robinhood (HOOD) by 84,080 shares as the company’s stock price rose. Robinhood, known for its crypto-friendly services, is expected to report stronger-than-anticipated Q2 earnings following positive trading over the last few months.
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In contrast, Ark Invest has reduced its positions in Block Inc., Amazon, and UiPath Inc., among other stocks. The firm, renowned for its strategic investments in crypto-related equities, continues to adjust its portfolio in response to market conditions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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