Ark Invest, which bought at the bottom price in the market crash of June, has been accelerating its profit purchases recently. The Cathie Wood-backed company began liquidating its stock market shares today. The institutional Bitcoin whale is also shrinking its BTC reserves.
Institutional Bitcoin whale starts sales ahead of critical news
Ark Invest, a Cathie Wood-backed institutional Bitcoin whaler, has been cashing in on the stock market shares it bought at a bottom price in June in recent weeks. In June, the SEC sued Binance and Coinbase, the two largest exchanges in the market. This move negatively affected the stocks of exchanges as well as crypto prices.
Ark Invest has made several Coinbase stock COIN purchases during this period, some for more than $30 million. The latest take profit comes as the COIN price hit a 52-week high. COIN is currently moving around the $90 region with the latest sales.
On July 31, Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 1,055 Coinbase shares worth $105,000. In addition, the company sold its Robinhood shares for the first time since January. Profit purchases come just ahead of the second quarter financial reports to be released on 3 August.
Coinbase and Robinhood to announce their financials this week
Coinbase will announce its second quarter financial results on August 3. In the previous quarter, revenue had declined due to regulatory pressures in the US. Ark Invest assesses the impact of the SEC-Coinbase lawsuit as it prepares the Bitcoin price rally.
Also, Ark Invest has now started selling Robinhood stock for the first time this year. The ARK Fintech Innovation ETF (ARKF) sold 373,175 shares of HOOD worth $4.8 million on July 31.
Robinhood will release its second quarter earnings report on Aug. EPS and revenue are expected to be higher than in the previous quarter. Robinhood stock price closed at $12.86 on Monday, up 1%. However, the price is lower in the premarket hours today. It fell as low as $12.68 before the daily close.
Is Cathie Wood expecting a drop in crypto?
Ark Invest’s selling move could be a sign that the company anticipates uncertainty in the short term. Meanwhile, Judge Torres’ decision in the Ripple-SEC case and the flurry of Bitcoin ETF filings support Bitcoin bulls. cryptocoin.comThe Curve Finance hack attempt, which we have cited as , cooled the momentum a bit this week.
