Ark Invest sells Coinbase (COIN) and Robinhood (HOOD) shares worth millions, indicating that Cathie Wood anticipating a weaker-than-expected earnings report for the crypto companies in the second quarter.
While Cathie Wood remains bullish on Bitcoin, her asset management firm Ark Invest continues to offload holdings in Bitcoin-related stocks.
Cathie Wood’s Ark Invest continues to offload Coinbase shares since the COIN stock price jumped over $100, reaching almost a 52-week high. While the selling spree has slowed, Ark Invest’s ARK Next Generation Internet ETF offloading its Coinbase holdings.
On July 31, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 1,055 Coinbase shares worth $105k, according to transactions seen by CoinGape.
Coinbase will announce the second quarter financial results on August 3. Last quarter, Coinbase’s revenue dipped due to a significant drop in trading volumes amid crypto regulatory crackdowns in the US. While sentiment for the bitcoin price rally remains positive.
COIN stock price closed 4% higher at $98.61 on Monday, but fell 3.17% to $95.48 in pre-market hours on August 1.
Cathie Wood’s Ark Invest selling spree hints at bearish momentum in the crypto market in the coming weeks due to earnings reports. However, she is bullish on Bitcoin amid Judge Torres’ ruling in the Ripple vs SEC lawsuit and flurry of Bitcoin ETFs filings.
Bitcoin price seems stuck near $30000 amid profit booking by traders and miners. Analysts predict BTC price to hit at least $35,000 in August.