Cathie Wood's Ark Invest Continues To Sell Palantir â€” Offloads $6.4M Worth Of Shares, Loads Up On Coinbase Stock Amid Bitcoin Rebound

Cathie Wood's Ark Invest Continues To Sell Palantir — Offloads $6.4M Worth Of Shares, Loads Up On Coinbase Stock Amid Bitcoin Rebound

Benzinga Neuro

September 11, 2024

On Wednesday, the Cathie Wood-led Ark Invest made some significant trades, with Coinbase Global Inc (NASDAQ:COIN) and Palantir Technologies Inc (NYSE:PLTR) being the most prominent.

The Coinbase Trade: Ark Invest purchased a total of 53,708 shares of Coinbase through its Ark Fintech Innovation ETF (NYSE:ARKF), ARK Next Generation Internet ETF (NYSE:ARKW), and ARK Innovation ETF (NYSE:ARKK). Based on the closing price of COIN at $157.15 on the same day, the value of the trade is approximately $8.4 million. This move comes after Coinbase’s partial victory against the U.S. Securities and Exchange Commission (SEC), potentially gaining access to critical documents regarding the agency's classification of tokens as securities.

On Wednesday, Bitcoin (CRYPTO: BTC) initially dropped below $56,000 after higher-than-expected inflation data, which reduced hopes for a 50-basis-point rate cut at the upcoming FOMC meeting. However, it quickly rebounded, nearing $58,000 by market close. Despite the recovery, Bitcoin remained down 0.47% for the week and 1.89% since the start of September.

The PLTR Trade: Ark Invest sold a total of 184,051 shares of Palantir through its ARKK ETF, representing 0.1179% of the ETF. Based on the closing price of PLTR at $34.85 on the same day, the value of the trade is approximately $6.4 million. This decision to sell comes despite Palantir’s recent inclusion in the S&P 500 index, which according to Bank of America, is a “watershed moment” that could attract more institutional investors.

See Also: Tesla Stock Races Higher In Premarket: What’s Going On?

Other Key Trades:

Ark Invest bought shares of Personalis Inc (PSNL) through its ARKG ETF.
Ark Invest sold shares of Vertex Pharmaceuticals Inc (VRTX) through its ARKG ETF.
Ark Invest bought shares of Guardant Health Inc (GH) through its ARKG ETF. Ark Invest sold shares of Exact Sciences Corp (EXAS) through its ARKG ETF.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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