Markets
What to know:
- In a move reminiscent of a high-stakes poker game, ARK Invest has decided to offload $17.4 million worth of Coinbase (COIN) stock while simultaneously snatching up a nearly equivalent amount in Bullish (BLSH) stock, all amid a crypto market meltdown that could give anyone a heart attack.
- It’s as if ARK Invest revels in the chaos of crypto, buying up shares like a kid in a candy store when prices plummet. Who needs stability when you can have excitement, right?
- But hold your horses! It’s not every day that ARK ditches shares of a titan like Coinbase. It’s almost like watching a parent sell their beloved child’s toy at a yard sale – shocking and a bit sad!
On Thursday, Cathie Wood’s financial fortress, ARK Invest, waved goodbye to 119,236 shares of COIN, leaving them $17.4 million lighter. The poor Coinbase saw its stocks tumble by 13.3%, finishing at a dismal $146.12, feeling the heat of the ongoing cryptocurrency apocalypse that has left Bitcoin gasping for breath at $60,000, the lowest it’s been since November 2024. What a ride!
Meanwhile, ARK decided to play the hero, swooping in to buy 716,030 shares of Bullish, totaling a hearty $17.8 million. At a closing price of $24.90, which dipped nearly 8.5% on the day, one wonders if they’re ready to be the next big thing or just another casualty in this wild west of finance.
It’s not unusual for ARK Invest to make bold purchases of companies closely tied to cryptocurrencies when the market takes a dive. They seem to thrive in turmoil, hoping to snag undervalued assets like a seagull hunting for fries at the beach.
However, it’s a rare spectacle to see ARK take the opportunity to shed shares of a heavyweight like Coinbase. Could it be a sign of caution, or just a clever strategy in this unpredictable carnival of fortunes? Only time will tell, my friend!
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2026-02-06 15:28