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On Tuesday, Ark Invest offloaded 42,613 Coinbase shares through its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, amounting to $3.3 million. This decision followed Coinbase CEO Brian Armstrong’s announcement about implementing Bitcoin’s Lightning Network for enhanced transaction speed, a move endorsed by Wood in response to a query from Jack Dorsey.
Simultaneously, Ark Invest also shed 100,739 Grayscale Bitcoin Trust shares worth $2.5 million. Wood has previously praised Grayscale for its commitment to cold storage security, a crucial aspect of Barry Silbert’s Digital Currency Group.
Despite these sales, Ark Invest remains optimistic about Bitcoin’s future. The firm anticipates Bitcoin to reach $1.48 million by the end of the decade following the likely approval of spot Bitcoin ETFs.
In addition to these sales, Ark Invest made other significant trades including the acquisition of 259,628 Robinhood Markets Inc (NASDAQ:HOOD) shares via ARKW for $2.38 million. This purchase reinforced Ark Invest’s position as the second largest institutional holder of Robinhood stock with a 4.1% stake across four ETFs.
The firm also bought 55,271 Moderna (NASDAQ:MRNA) Inc shares via its ARK Genomic Revolution ETF, while selling 10,396 NVIDIA Corp (NASDAQ:NVDA) shares. The context also mentioned Ark Invest’s history with Nvidia when it was valued at $5 and drew comparisons between Wood and Warren Buffett while discussing the investment strategies of firms like Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA).
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