Cathie Wood’s Ark Invest Sells Coinbase Shares and Buys Robinhood Shares
Cathie Wood’s investment firm, Ark Invest, sold a significant number of Coinbase shares on Monday. The firm offloaded 43,956 COIN tokens worth $5.3 million as the value of Coinbase stock reached its highest level in 18 months. In addition, Ark Invest purchased 143,063 shares of Robinhood, amounting to approximately $1.2 million, for its Ark Fintech Innovation ETF.
Coinbase Stock Performance
Currently, Coinbase stock is trading at $120.69 in pre-market trading. It has experienced a remarkable increase of over 50% this month and an impressive 228% year-to-date. Despite this surge, the stock remains down around 65% from its all-time high during the peak of the crypto bull market in November 2021.
Ark’s Moves with Robinhood Shares
Ark Invest also added to its holdings of Robinhood shares recently. The company acquired an additional 93,297 shares for its ARK Next Generation Internet fund on Friday. This comes as Robinhood plans to expand into the EU and UK markets and amidst disappointing Q3 results for the fintech firm.
Ark’s GBTC Sales Amidst Narrowing Discount to NAV
Furthermore, Ark Invest sold 94,624 Grayscale Bitcoin Trust (GBTC) shares from its ARKW fund on Friday. The sale amounted to $2.8 million. GBTC shares currently trade at $30.04 in pre-market trading.
The sale follows a narrowing discount to net asset value (NAV) for GBTC. The discount measures how much lower the market price of each share is compared to the value of the bitcoin it represents. The discount to NAV recently dropped to sub-10% territory for the first time in two years and currently stands at 8.78%.
Hot Take: Ark Invest Adjusts Portfolio with Coinbase and Robinhood
Cathie Wood’s Ark Invest has made strategic moves in its portfolio by selling Coinbase shares and acquiring Robinhood shares. The firm took advantage of the surge in Coinbase stock price to sell a significant number of shares, while also increasing its holdings in Robinhood, a crypto-friendly trading app.
These moves reflect Ark Invest’s belief in the potential of both companies in the evolving fintech landscape. As Coinbase continues to experience significant growth and Robinhood expands into new markets, Ark Invest aims to position itself for future success.
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