On Thursday, Cathie Wood-led Ark Invest executed notable trades, offloading shares in Coinbase Global Inc. (COIN) and Block Inc. (XYZ). These moves coincide with key developments for both companies, including Coinbase's expanding derivatives offerings and Block's Bitcoin (BTC/USD) strategy.
The Coinbase Trade
Ark Invest’s flagship ARK Innovation ETF (ARKK) sold 33,363 shares of Coinbase, valued at approximately $12.32 million**. This follows Coinbase’s announcement of U.S. [Perpetual-Style Futures](https://www.okx.com/join/BLOCKSTAR) launching July 21, a milestone for its derivatives exchange. Bernstein analysts also raised Coinbase’s price target to **$510, citing growth in derivatives and non-trading revenue.
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The Block Trade
Ark sold 189,649 shares of Block (Jack Dorsey’s company) via ARKK, worth $12.34 million**. Dorsey recently reaffirmed Block’s **Bitcoin-only strategy** for Cash App, aligning with its wallet enhancements. Bitcoin, up **26% in 90 days**, traded at **$107,035.37 at the time of sale.
Other Key Trades
- Roblox Corp. (RBLX): ARKK sold 182,528 shares.
- Cameco Corp. (CCJ): ARKQ sold 20,076 shares.
- Elbit Systems Ltd. (ESLT): ARKQ sold 1,413 shares; ARKX sold 287 shares.
- Lockheed Martin Corp. (LMT): ARKX sold 707 shares.
FAQs
Why did Ark Invest sell Coinbase shares?
Ark’s sale aligns with profit-taking as Coinbase’s stock surged post-derivatives expansion news and analyst upgrades.
What is Block’s Bitcoin strategy?
Block focuses exclusively on Bitcoin for Cash App, enhancing wallet services to capitalize on crypto market growth.
How much Bitcoin did Ark Invest sell?
Ark’s trades involved equity positions in Block and Coinbase, not direct Bitcoin sales.
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