Cathie Wood makes headline as Ark Invest dumps $16 million in Coinbase stock
Source Fxstreet
- Cathie Wood’s Ark Invest rebalances portfolio according to the latest trade filings.
- Coinbase shares worth $16 million were offloaded along with $8.2 million in Robinhood shares.
- The company also shed stocks of chipmakers like NVIDIA and TSMC.
The latest trade filings from Cathie Wood’s Ark Invest showed that the company has decided to rebalance its portfolio. In the process of rebalancing, Ark Invest has reduced holdings of chipmakers like TSMC and Nvidia, along with Coinbase and Robinhood from the finance sector.
Read more: Nvidia turns the tables for global stock market dynamics
Cathie Wood's Ark Invest trims chipmakers and Coinbase holdings
Based on company filings, Cathie Wood's Ark Invest has offloaded 2,362 shares of Nvidia on Friday as the market takes a breather from the AI-induced rally. Along with NVIDIA, Ark Invest has also sold US crypto exchange Coinbase's $16 million shares and shares in Robinhood (HOOD) worth $8.2 million.
Read more: Nvidia Stock Earnings: NVDA Q4 results trounce consensus
Here’s a detailed breakdown of the recent filings:
Cathie Wood's Ark Invest has been making adjustments to its portfolio, trimming holdings in both chipmakers and Coinbase.
Chipmakers:
- Ark Autonomous Technology and Robotics ETF sold shares of TSMC (first sale since late 2021) and Nvidia.
- This follows Ark's ongoing portfolio rebalancing as chip stock prices surge (Nvidia up 59% and TSMC up 25% year-to-date).
- Ark still holds around 221,848 shares of TSMC.
- Previously, Cathie Wood was bullish on AI, investing in software companies like UiPath and Twilio instead of chipmakers.
- Due to recent price increases, both TSMC and Nvidia have fallen out of the fund's top 10 holdings.
Coinbase:
- Ark Invest sold a total of 96,435 Coinbase shares ($16 million) across three ETFs in the past week.
- This is part of Ark's strategy to rebalance fund weightings despite a recent 30% surge in Coinbase's price.
- Coinbase stock remains down over 50% from its all-time high, though it's up 160% in the past year.
Overall, these sales indicate that Ark Invest is adjusting its portfolio to reflect current market conditions and its long-term investment strategies.
Also read: Nvidia overtakes Tesla as most-traded stock, while AI boosts revenue 265%
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Weekly Market Outlook: U.S. October CPI Focus and Powell and Fed Officials SpeakInsights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.
Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonightThe 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflationGold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.
Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.
WTI Price Forecast: Dips to $91.50 as Middle East jitters limit lossesWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some sellers during the Asian session on Friday, snapping a two-day winning streak and stalling the previous day's recovery from the vicinity of a nearly four-week low.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some sellers during the Asian session on Friday, snapping a two-day winning streak and stalling the previous day's recovery from the vicinity of a nearly four-week low.
