bullish

Bitcoin ETF

<ul> 
 <li aria-level="1">Ark Invest sells nearly $14 million in Coinbase and over $6 million in ARKB Bitcoin ETF shares.</li> 
 <li aria-level="1">Coinbase beats quarterly earnings estimates with $1.38 billion revenue; Ark Invest capitalizes on stock’s bullish run.</li> 
</ul> 
Cathie Wood’s Ark Invest has made headlines with a notable trading decision, offloading significant holdings in Coinbase and its ARKB Bitcoin ETF. On August 1, Ark Invest divested nearly $14 million in Coinbase (COIN) shares and more than $6 million in ARKB Bitcoin ETF shares, totaling approximately $21 million in transactions. 
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This move comes as Coinbase recently reported its Q2 2024 earnings, surpassing estimates for the seventh consecutive quarter. The cryptocurrency exchange reported net revenues of $1.38 billion, surpassing the average forecast of $1.34 billion.&nbsp; 
Institutional trading volume was also robust at $189 billion, topping expectations. Despite these strong financials, Ark Invest chose this moment to reduce its holdings in Coinbase, possibly taking advantage of the stock’s recent bullish run, which saw prices reach $212.64 at the day’s close, albeit down by 5.22%. 
In parallel, the <a href="https://www.ethnews.com/u-s-bitcoin-etfs-on-track-to-hit-1-million-btc-holdings-by-months-end/">Bitcoin market</a> experienced notable fluctuations. The ARKB Bitcoin ETF, which tracks Bitcoin’s performance, saw Ark Invest sell 108,751 shares valued at approximately $6.8 million. 
This decision occurred amid a volatile day for Bitcoin, with prices swinging between $62,248.94 and $65,593.24 within 24 hours. By day’s end, the ARKB ETF’s price settled at $63.20, reflecting a 3.02% decline, while Bitcoin itself slightly rose by 0.10% to $64,434. 
Moreover, Ark Invest’s trading activity on August 1 extended beyond cryptocurrencies. The firm continued to increase its stake in Advanced Micro Devices (AMD), acquiring an additional 4,829 shares. 
Additionally, Ark Invest participated in the newly launched <a href="https://www.ethnews.com/whales-react-to-ethereum-etf-launch-massive-eth-movements-unveiled/">Ethereum ETF</a> market by purchasing 651,713 shares of the 31Q Ether Staking ETF, marking a investment in Ethereum’s future potential. 
These strategic trades reflect <a href="https://www.ethnews.com/crypto-takes-center-stage-in-u-s-elections-says-arks-cathie-wood/">Ark Invest’s adaptive investment strategies</a> in the face of fluctuating market conditions and underscore its active management approach. 
The post <a href="https://www.ethnews.com/is-cathie-wood-giving-up-on-crypto-huge-selloff-sparks-wild-speculations/">Is Cathie Wood Giving Up on Crypto? Huge Selloff Sparks Wild Speculations!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Is Cathie Wood Giving Up on Crypto? Huge Selloff Sparks Wild Speculations!

ETHNews

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