Wall Street Says BUY GOLD, But...

While markets wobble, gold keeps smashing records-and banks say it's just beginning. Goldman urges "buy gold" to hedge trade wars; JPMorgan plans $6,000 an ounce and just took delivery of $4 billion in bullion. Yet past bull runs saw 13x-1,000x bigger gains without buying more gold.

Cathie Wood's Ark Invest Dumps $17M In Coinbase Shares As The Exchange Grappled With Disruption Amid Bitcoin Rally

Benzinga Neuro
February 28, 2024

On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling over $17 million worth of Coinbase Global Inc (NASDAQ:COIN) shares. This decision came as the cryptocurrency exchange faced technical difficulties, a situation unfolding amid the soaring valuations of digital assets like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The Coinbase Trade

Ark Invest sold 86,298 Coinbase shares on Wednesday through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $17.33 million. For the day, Coinbase stock closed 0.8% higher at $200.80.

The sale came in the backdrop of the cryptocurrency trading platform’s outage on the same day. Coinbase experienced a significant disruption as Bitcoin reached new heights, touching $64,000.

Coinbase CEO Brian Armstrong acknowledged a significant increase in traffic, expressing regret for any inconvenience caused to users. Despite users encountering zero balances and transaction errors, Coinbase assured the safety of their assets and reported gradual improvements in trading by Wednesday afternoon, although some issues with logging in, transactions, and payment methods persisted due to the continued high traffic volume.

This sell-off by Ark Invest follows a pattern of reducing exposure to Coinbase, as detailed in earlier coverage, amidst a rallying Bitcoin. The apex cryptocurrency has experienced a nearly 45% surge this month which can be attributed to the upcoming supply halving event.

See Also: Why Are ARKK Investors Jumping Ship? Cathie Wood’s Poor Picks Lag Behind The Competition

Other Key Trades:

  • NVIDIA Corp (NASDAQ:NVDA) saw a reduction in 1,235 shares by Ark, aligning with the firm’s strategy to adjust its portfolio amidst the tech sector’s volatility. The sale was made through ARK Genomic Revolution ETF (BATS:ARKG) and was valued at nearly $959,138.
  • Investments in Unity Software Inc (NYSE:U) were increased across multiple funds, signaling a bullish stance on the gaming and software development platform.
  • Veracyte Inc (NASDAQ:VCYT) and 10X Genomics Inc (NASDAQ:TXG) purchases were notable, emphasizing Ark’s continued focus on healthcare and genomic innovation.

Image made via photos on Flickr by WEF and Shutterstock

Read Next:


Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Continue Reading...

Popular

Trump's 'Big, Beautiful Bill' Offers Seniors A $6,000 'Bonus' Tax Deduction: Here's How You Qualify For The Benefit

Trump's Big, Beautiful Bill offers a $6,000 senior bonus deduction from 2025-28. Couples can save $12,000. Retirees with incomes up to $75,000 benefit most.

Back This Medical AI Tech - Ad

You don't often find healthcare tech company valued at $4M. HeartSciences is an exception. With $75M invested, including R&D, clinical trials, and product development, their patented AI software is approaching FDA submission, a potential major inflection point.

Marjorie Taylor Greene: 'Muslim Takeover' Threatens American Women

Rep. Marjorie Taylor Greene (R-Ga.) has expressed her fears regarding what she believes to be the most significant threat to the freedom of American women.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after July 23rd, it may be too late.

Kevin O'Leary Says 'You'll Never Be Free' If You Remain An Employee, But There's Actually Nothing Wrong With It: Here's Why

Shark Tank investor Kevin O'Leary says only 1 in 3 people have the determination to succeed as an entrepreneur and taste true freedom. He also praises Steve Jobs and Elon Musk for their high signal-to-noise ratio and work ethic.

Mystery Seller Behind $105 Million Plot Next to Jeff Bezos Estate Finally Revealed

A plot of land neighboring Jeff Bezos' property in Miami was sold for a staggering $105 million. The undeveloped lot was sold by German investor Mikhail Peleg.

The Missing Ingredient for Big Tech's $3T Recipe? - Ad

Big Tech doesn't build everything; they buy what's next. And only Emteq's tech offers real behavior insights for smart glasses, key to unlocking the $3T XR market. Their patented sensors track live facial muscle movements. With health-focused smart glasses in demand, only Emteq has this tech.

Trump's Tariffs, Boeing's Blowout, Tesla's Robotaxi, BYD's European Triumph And GM's Massive Recall: This Week In Mobility

This week's business and finance highlights include Japan's rejection of Trump's auto tariffs, Boeing's scrutiny over a mid-air incident, Tesla's Robotaxi launch, BYD's dominance in Europe, and GM's massive vehicle recall.

Quantum Stocks Surge And Stumble: Here's What Happened This Week

Quantum Computing announced a $200 million private placement, Microsoft's CEO said quantum computing could take scientific advancements to the next level and more from the week.

FDA Submission Expected This Summer - Invest Before It Happens - Ad

This company is making heart disease easier to detect with AI. Their tech has officially been designated a "Breakthrough" by the FDA. You now have an opportunity to get in at a potential inflection point.

Goldman Just Launched Two New Bond ETFs; Here's Why Investors Should Pay Attention

Goldman Sachs Asset Management debuts two new actively managed fixed income ETFs in response to rising demand for active strategies in a volatile rate landscape.

Greenland has a message for the rest of the world: Come visit

NUUK, Greenland (AP) — has a message for the rest of the world: We’re waiting for you.

Fox: China Is Hiding a '401K Nuke Switch' Under Trump's Nose - Ad

China holds $784B in U.S. debt-and may trigger a dollar collapse. Gold is already soaring, with forecasts up to $6,000-$30,000. Protect your savings now. Claim the free 2025 Gold Guide and discover a Trump-era IRS loophole to buy gold tax- and penalty-free.

Trump Has 'Already Won' By Dodging Accountability In Fed Showdown, Says Apollo's Jim Zelter

According to Jim Zelter of Apollo Global Management, President Donald Trump has already set the stage for passing the blame.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as July 23rd.

Elon Musk Says 'Clear Path' To Restoring Hearing With Neuralink, But The Deaf Community Want To Have Their 'Say'

Elon Musk's Neuralink faces backlash from the deaf community after proposing brain implant technology to restore hearing, with deaf adults calling for inclusion in the research process.

PHOTO ESSAY: In rural Alaska, collecting driftwood saves time, money and brings jobs

GALENA, Alaska (AP) — As ice breaks on the Yukon River, Jake Pogrebinsky looks at the water from shore, searching for a large log floating downstream.

A Historic Gold Announcement Is About to Rock Wall Street - Ad

The greatest investor of all time is about to validate what Garrett Goggin has been saying for months: Gold is entering a once-in-a-generation mania. Front-running Buffett has never been more urgent - and four tiny miners could be your ticket to 100X gains.

Dalai Lama To Deliver Major Address On 90th Birthday As China Tracks Succession Moves

The 14th Dalai Lama will address a major three-day gathering of Buddhist religious figures this week ahead of his 90th birthday.

The Unlikely Duo Rethinking Wearable Technology - Ad

Why did a surgeon and Snap exec team up? They saw the missing ingredient in the $84T wearables market: behavior. So they built Emteq and invented smart glasses sensors to track real-time expressions, unlocking insights into why we do things. With a $15M term sheet already secured, Emteq is what Big Tech's missing.

Michael Novogratz's Galaxy And Invesco File To Launch Solana ETF: What You Should Know About QSOL

Asset management giant Invesco filed for a cryptocurrency exchange-traded fund focused on Solana (CRYPTO: SOL) on Wednesday, expanding its offerings beyond Bitcoin (CRYPTO: BTC).

How to Hack a $1.3T Market - Ad

Forget concrete. The new foundation for real estate success is digital, and Pacaso leads the way. Their tech unlocks a $1.3T real estate market. They've already earned $110M+ in gross profits in their operating history and reserved the Nasdaq ticker PCSO.

Netflix's Squid Game Finale Takes Over Seoul With Massive Parade, Star-Studded Fan Event

Netflix celebrated the finale of Squid Game with a parade and fan event in Seoul, featuring characters and emotional reflections from cast.

BigBear.ai (BBAI) Stock Soars 21%: What's Going On?

Shares of BigBear.ai are trading sharply higher Tuesday afternoon. The rally comes without any new company-specific announcements.

Wall Street Says BUY GOLD, But... - Ad

While markets wobble, gold keeps smashing records-and banks say it's just beginning. Goldman urges "buy gold" to hedge trade wars; JPMorgan plans $6,000 an ounce and just took delivery of $4 billion in bullion. Yet past bull runs saw 13x-1,000x bigger gains without buying more gold.

Scott Bessent On Replacing Powell As Fed Chair: 'I Will Do What The President Wants' — Plays Down Shadow Chair Speculations

U.S. Treasury Secretary Scott Bessent declined to rule out the possibility of replacing Jerome Powell as Federal Reserve Chair and has instead deferred to President Donald Trump's decision on the matter.

Trump ramps up attacks on the Federal Reserve but Powell sticks to 'wait and see' stance

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday stuck to that the central bank will keep its key rate on hold while it waits to see how President Donald Trump's effect the economy, despite the from the White House, which wants lower borrowing costs.

Back This Medical AI Tech - Ad

You don't often find healthcare tech company valued at $4M. HeartSciences is an exception. With $75M invested, including R&D, clinical trials, and product development, their patented AI software is approaching FDA submission, a potential major inflection point.

Home Depot's $5.5B Deal Expands Its Reach To Thousands Of Job Sites

Analyst maintains Buy rating on Home Depot with $450 price target, noting plans for subsidiary SRS Distribution to acquire GMS for $4.3B.

Russian Spy Chief And CIA Director Ratcliffe Agree To 'Call Any Time' Amid Tensions: Report

Russian spy chief Sergei Naryshkin and the Director of the Central Intelligence Agency (CIA), John Ratcliffe, have reportedly agreed to have direct communication at any time.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after July 23rd, it may be too late.

Diddy Jury Deadlocked On Racketeering Conspiracy Charge As Verdicts Reached On Sex Trafficking Counts — Jurors To Return Wednesday

Jurors in Sean "Diddy" Combs' trial reached verdicts on four charges related to sex trafficking but remain deadlocked on the racketeering conspiracy charge, with deliberations set to continue.

The Missing Ingredient for Big Tech's $3T Recipe? - Ad

Big Tech doesn't build everything; they buy what's next. And only Emteq's tech offers real behavior insights for smart glasses, key to unlocking the $3T XR market. Their patented sensors track live facial muscle movements. With health-focused smart glasses in demand, only Emteq has this tech.

California-Trump Legal Battle Over National Guard Deployment Escalates After Court Ruling

California's legal battle with Trump over military deployment in LA is at a standstill after an appeals court ruled in Trump's favor.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service