On Thursday, Cathie Wood-led Ark Invest made notable trades, including the sale of shares in Coinbase Global Inc. (NASDAQ:COIN) and Block Inc. (NYSE:XYZ). These trades come amid significant developments for both companies, with Coinbase receiving a price target boost and Block’s Bitcoin (CRYPTO: BTC) strategy coming into focus.
The Coinbase Trade
Ark Invest’s flagship fund, ARK Innovation ETF (BATS:ARKK), sold 33,363 shares of Coinbase. This move comes as Coinbase’s stock has been trending on social media, following the announcement of its upcoming launch of U.S. Perpetual-Style Futures on its derivatives exchange. This new offering is set to begin on July 21, marking a significant step for the company in the U.S. market. Additionally, Bernstein analysts recently raised their price target for Coinbase to $510, citing the company’s growing derivatives business and non-trading revenue streams.
The sale of these shares by Ark Invest is valued at approximately $12.32 million, based on the latest closing price of $369.21.
The Block Trade
In another significant move, Ark Invest sold 189,649 shares of the Jack Dorsey-led company through its ARKK fund. This transaction aligns with previous actions by Ark Invest, which has been reducing its stake in Block amid fluctuations in the cryptocurrency market.
Recently, Dorsey reiterated the company’s commitment to a Bitcoin-only strategy for its Cash App. This approach has been a focal point for Block, as it continues to enhance its digital wallet services. Bitcoin, the world’s largest cryptocurrency by market capitalization, has shot up nearly 26% in the past 90 days. Over the last 24 hours, it was seen trading 0.2% lower at $107,035.37.
The sale of Block shares by Ark Invest is valued at approximately $12.34 million, based on the latest closing price of $65.11.
Other Key Trades:
- Ark Invest’s ARKK fund sold 182,528 shares of Roblox Corp. (RBLX).
- ARKQ fund sold 20,076 shares of Cameco Corp. (CCJ).
- ARKQ fund sold 1,413 shares of Elbit Systems Ltd. (ESLT) and 287 shares from ARKX.
- ARKX fund sold 707 shares of Lockheed Martin Corp. (LMT).
Benzinga’s Edge Stock Rankings indicate Coinbase checks out on Short, Medium and Long Price Trends. How does the Jack Dorsey-led Block compare?
Read Next:
- Mark Zuckerberg And Meta Leaders Were So Rattled By This Single Investor Question That It Changed The Way They Spoke To Wall Street, CFO Reveals
Photo Courtesy: viewimage on Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
