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.

Recommended

Elon's Greatest Invention... Hidden in South Memphis? - Ad

[Revealed] Trump's Next AI Executive Orders? - Ad

October 16 Changes the Microchip Game - and Investing - Ad

"Mad Money" star Jim Cramer discusses MP Materials, Resideo Technologies and Canadian National Railway on Friday, Sept. 12.

Third Richest Woman In The World Eyes New York Giants Stake For Future Growth

One of the richest women in the world could have her eyes on more sports team ownership with a stake in the New York Giants.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50. - Ad

The AI company making heart disease easier to detect is offering investors $3.50 investment units that include one convertible preferred share and one warrant, providing investors with access to 2 common shares. Based on analyst 1- year projections, that amounts to a near-term 500% return potential.

Powerball Jackpot Soars To $1.1 Billion After No Winning Tickets, 5th Largest In History

The Powerball jackpot has reached $1.1 billion after no winner in Saturday's drawing, with nine tickets earning $1 million.

Broadcom, Lululemon, Opendoor, Docusign And Neonode: Why These 5 Stocks Are On Investors' Radars Today

U.S. stocks advanced on Thursday, with the Nasdaq Composite jumping over 200 points, or nearly 1%, to 21,707.69.

Did This New AI Just Replace Google?

Did This New AI Just Replace Google? - Ad

Elon Musk's xAI just launched a model that could disrupt Google and even challenge ChatGPT. For the first time, you can stake in xAI with as little as $500 - but you must move before the Oct 1 funding round.

Takeaways from a hunt for 'secret' fresh water under the North Atlantic seabed

ABOARD LIFTBOAT ROBERT, North Atlantic (AP) — It turns out the Continental Shelf has been holding a secret from the ages. Beneath the sea floor off the U.S. northeast lies an enormous reserve of fresh water whose existence was long unknown, then was suspected and now is confirmed.

This Chinese $30K Tesla Model 3 Rival Secured 10,000 Orders In Seven Minutes

Xpeng's P7 sedan launched in China with over 10,000 orders in 7 mins. Rival Tesla also released new models for Chinese market.

Could You Use Some Instant Cash Upfront?

Could You Use Some Instant Cash Upfront? - Ad

Millionaire trader Jeff Clark's #1 income strategy gives you the chance to collect instant cash payouts, as much as $100 to $1,000 upfront! The great part is you can collect these upfront cash payouts without owning a single stock.... Jeff's put all the details in a special briefing titled Infinite Income Manifesto.

Homes Have Shrunk To The Smallest Average Size In 20 Years: Here's Why It Happened

Newly built homes in the U.S. are shrinking due to higher mortgage rates and affordability concerns. Buyers are adjusting expectations.

Trump fires Democratic member of Surface Transportation Board ahead of huge rail merger decision

President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie before the body considers the ever proposed.

Inside: What's Going on Behind the Scenes in DC?

Inside: What's Going on Behind the Scenes in DC? - Ad

Former CIA officer Buck Sexton just met with Trump and VP J.D. Vance - and what he uncovered inside the West Wing is stunning. With ties to Tulsi Gabbard, Mike Johnson, Kash Patel, and more, he's rushing this urgent interview to reveal shocking secrets unfolding behind the scenes right now.

Trump to host top tech CEOs — except Musk — at White House dinner Thursday

WASHINGTON (AP) — will host a high-powered list of tech CEOs for a dinner at the White House on Thursday night.

Trump Ends De-Minimis Exemptions To All Countries: How This Will Impact Your Online Shopping

President Donald Trump's executive order, which ends de minimis exemptions, is set to take effect on Friday. This will effectively close the duty-free shipping loophole that allowed small commercial packages worth $800 or less to enter the United States without being subject to taxes or tariffs.

Gold Alert: Extraordinary Upside in One Stock (Not a Miner)

Gold Alert: Extraordinary Upside in One Stock (Not a Miner) - Ad

Gold has hit all-time highs, breaking $3,600 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Apple deepens its ties to a Kentucky plant that produces cover glass for iPhone and Apple Watch

HARRODSBURG, Ky. (AP) — Apple is putting its trust in a Kentucky plant singled out to become the exclusive producer of the cover glass meant to safeguard every iPhone and Apple Watch sold worldwide by the tech giant.

Asian shares are mostly up after US stocks inch to more records as inflation slows and Oracle soars

MANILA, Philippines (AP) — Asian shares were mostly higher Thursday, buoyed by gains of tech-related stocks after Wall Street inched to more records following a surprisingly encouraging report on inflation and a stunning forecast for growth from Oracle because of the boom.

Is This Elon's Worst Nightmare?

Is This Elon's Worst Nightmare? - Ad

Elon's empire looks doomed - crashing sales, lost tax credits, and media backlash. But behind the scenes, Tesla is about to unleash a breakthrough Forbes calls a "multi-trillion-dollar opportunity." It's not the end - it's the start of a 25,000% AI comeback.

Mark Cuban Once Dubbed Dogecoin 'Real Money,' While Kevin O'Leary Brushed It Off As 'Gambling' — Whose Advice Would Have Netted You More Profit

Mark Cuban and Kevin O’Leary, both prominent panelists on the reality TV show "Shark Tank," have been close friends for a long time, yet their opinions on the meme cryptocurrency Dogecoin (CRYPTO: DOGE) have yet to align.

Koch family agrees to buy a 10% stake in the NFL's New York Giants, AP source says

The Koch family has agreed to purchase a 10% stake of the NFL's New York Giants, according to a person familiar with the deal.

"Tech Prophet" Who Predicted the iPhone Now Predicts...

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before Oct 16's bombshell.

Opendoor's New CEO Could Spark 'Bigger Pivot'—Analyst Sees Bottom-Line Boost

Opendoor stock is soaring after a new CEO was announced and two co-founders are rejoining the company. Here's what one analyst has to say.

Bitcoin At $114,000 Ahead Of Inflation Data: Here's How High It Could Go

Bitcoin (CRYPTO: BTC) is hovering around $114,000 on Thursday morning, with analysts eyeing further upside subject to a benign inflation data report to be released later in the day.

Elon's Greatest Invention... Hidden in South Memphis?

Elon's Greatest Invention... Hidden in South Memphis? - Ad

Markets shaky? Elon Musk is quietly building "the most powerful supercomputer in the world" in South Memphis - to fuel the first superhuman AI. Even though it's inside his private firm xAI, there's a backdoor for regular investors. Starting with as little as $500, you could secure a stake - but the next funding round could open as soon as Oct 1st.

Vince Stock Flies After Q2 Earnings: Here's What To Know

Vince shares soar on heavy volume after the company reported better-than-expected Q2 results.

Trump's plan for a drug advertising crackdown faces many hurdles

WASHINGTON (AP) — Health Secretary Robert F. Kennedy Jr. and other administration officials are vowing a crackdown on deceptive drug ads, but the effort is likely to face multiple headwinds, including pushback from industry and layoffs among regulators tasked with leading the effort.

[Revealed] Trump's Next AI Executive Orders?

[Revealed] Trump's Next AI Executive Orders? - Ad

A White House insider with direct ties to Trump's inner circle just revealed what he calls "Manhattan II" - a potential $2.2 trillion AI initiative set to launch as soon as Oct 15. He says this could mirror past U.S. projects that minted fortunes - with small firms soaring 5,000% to 10,000% over two decades. And now he's giving away his #1 stock pick for free before the deadline.

AI Apocalypse? Why language surrounding tech is sounding increasingly religious

TORONTO (AP) — At 77 years old, has a new calling in life. Like a modern-day prophet, the Nobel Prize winner is raising alarms about the dangers of uncontrolled and unregulated

Trump Ally Charlie Kirk Assassinated At Utah Event, FBI Releases Initial Suspect As Kash Patel Vows 'Transparency'

Conservative political activist Charlie Kirk was shot and killed on Wednesday while speaking at Utah Valley University in Orem, sparking a federal investigation that has taken an unusual turn with the FBI's public handling of suspect information on social media.

October 16 Changes the Microchip Game - and Investing

October 16 Changes the Microchip Game - and Investing - Ad

George Gilder-dubbed "America's #1 Futurist"-says while everyone's chasing AI, the real opportunity is in a 4-nanometer tech millions of times more complex. It's not another chip - it replaces them. Now built in Arizona, Gilder says 3 companies tied to this "super-convergence" could soar.

Kevin O'Leary Once Revealed How Steve Jobs's Obsession With Fonts Spawned A Classroom Blockbuster And Taught Him A Key Business Lesson

Kevin O'Leary says Steve Jobs's obsession with fonts not only turned The Oregon Trail into a classroom blockbuster but also taught him a lasting business lesson about blending art, science and persuasion.

Tesla China Sales Fall 10% To 57,152 Units In August, Marking 6th Decline In 2025

Tesla sales in China fell 9.93% in August amid lackluster global sales and Model Y L receiving 120,000 orders in China.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50. - Ad

Bloom Energy Is Not Jim Cramer's 'Cup Of Tea,' But It's Going Up

Mad Money's Jim Cramer takes a look at QXO, Bloom Energy, Newmont, AllianceBernstein, Lam Research, LoanDepot and Centrus Energy.

CBS News' new ombudsman has background and duties that differ from the job's traditional definition

NEW YORK (AP) — CBS News has a new ombudsman assigned to look into public complaints, but the job being assumed by Kenneth Weinstein bears little resemblance to how this watchdog role has traditionally operated in journalism.

Did This New AI Just Replace Google?

Did This New AI Just Replace Google? - Ad

Trump-Backed World Liberty Sinks As Billionaire Justin Sun Protests, Then Reinvests

Justin Sun clashed with Trump-linked World Liberty over frozen $WLFI tokens before reversing course Friday with a fresh $20M investment.

Trump Says Russian Drone Incursion Into Poland Possibly An Error: 'Could Have Been A Mistake'

Trump downplays Russian drones entering Polish airspace, implying it was unintentional. European leaders fear it was deliberate while NATO responds.

Could You Use Some Instant Cash Upfront?

Could You Use Some Instant Cash Upfront? - Ad

Why Quantum Computing (QUBT) Stock Is Getting Crushed Today

Shares of Quantum Computing are caught in a broader market selloff Tuesday. Rising U.S. Treasury yields spook investors away from growth sectors.

Trending Now