Posted 1/9/2024, 9:43:34 AM
Ark Invest Pauses Coinbase Sales and Buys Qualcomm Amid Bitcoin ETF Hopes
- Cathie Wood's Ark Invest halted its recent selling of Coinbase shares amid Bitcoin ETF buzz, while jumping back into chip giant Qualcomm with an $8M investment
- Ark has been consistently selling Coinbase since July 2023 despite its top positions across 3 Ark ETFs, likely profit-taking after 112% share price gains
- Speculation that the SEC could approve a spot Bitcoin ETF as early as Wednesday fueled Ark's Coinbase decision
- Ark bought nearly $8M worth of Qualcomm shares, reinitiating a position after selling out completely back in 2018
- Ark also sold shares in Roku and UiPath on Monday as its flagship ARKK ETF jumped 2.82%