ARK Invest CEO Cathie Wood Sells Coinbase (COIN) Shares, Buys More Robinhood (HOOD)
Cathie Wood, the founder and CEO of ARK Invest, has sold tens of thousands of shares in Coinbase (COIN), the leading US crypto exchange. According to recent reports, ARK sold 43,956 COIN shares as the price reached $120. COIN closed at $128.27 on Tuesday, its highest closing price since April 2022.
While ARK sold off its Coinbase shares, its Ark Fintech Innovation ETF increased its holdings in trading platform Robinhood by purchasing an additional 143,063 shares worth about $1.2 million. Robinhood (HOOD) was trading at $8.64, up nearly 3% on Tuesday.
In addition to the Coinbase sale, ARK also recently sold shares of Grayscale Bitcoin Trust (GBTC). On November 22nd, it sold 36,168 GBTC shares and on November 21st, it sold 32,980 GBTC shares for over $2 million.
Bitcoin Bull Market Confirmation
Earlier this month, Cathie Wood stated that key metrics were confirming that Bitcoin is in a true bull market. She mentioned that the health of the network is strong and referred to it as a flight to safety or quality.
Hot Take: Cathie Wood Adjusts Crypto Portfolio
Cathie Wood’s recent moves indicate adjustments in her firm’s crypto portfolio. While she sold off Coinbase shares, she increased her holdings in Robinhood. This suggests that Wood sees potential in Robinhood’s trading platform despite selling some of her Bitcoin trust holdings as well.
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