Cathie Wood’s innovation-focused ARK Invest has sold off a large number of shares in several companies to load up on one Big Tech stock.
Data from Cathiesark.com, which tracks the investment firm’s equity holdings and trades, shows that ARK Invest sold $6.3 million worth of top US crypto exchange Coinbase (COIN) on July 10th.
[adinserter block="1"]The firm also sold $5.6 million worth of trading app giant Robinhood on July 10th and $8.5 million worth of streaming platform Roku (ROKU) between July 10th and July 11th.
Other recent large ARK Invest sales include $1.8 million of electric aircraft maker Archer Aviation (ARCHR) on July 11th and $8.3 million in digital-payments company Square (XYC) between July 9th and July 10th.
Amid the large sales, ARK Invest purchased a whopping $14.2 million worth of electric vehicle manufacturer Tesla (TSLA) on July 11th.
ARK Invest’s top single holding is Coinbase at $881.4 million, while Tesla is in second at $865.1 million.
Ark Invest’s third-largest holding is in Roku at $674.4 million, followed by Robinhood at $636.1 million.
Ark CEO Cathie Wood said in a CNBC interview this month that the stock market is likely entering a strong bull run, while predicting a US economic recovery once the Fed cuts rates.
“We have been climbing a wall of worry. A lot of people expected tariffs and wars and the controversy between the Fed and the President to really shake markets up.
And of course, there has been some volatility. But these are the kinds of bull markets that I think are the most durable, when the market climbs through all of that controversy. It’s really signaling something. And I think the things that it’s signaling are: interest rates probably are coming down… we’ll move from a rolling recession into a recovery.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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