Cathie Wood’s Ark Invest Sells Coinbase Shares and Buys More Robinhood Shares
Cathie Wood’s Ark Invest sold $4.94 million worth of Coinbase shares on Wednesday, adding to the $5.3 million it sold earlier in the week. In total, Ark has sold over $10 million worth of Coinbase stock this week. On the other hand, Ark purchased an additional $1.97 million worth of Robinhood shares for its Ark Fintech Innovation ETF. This is in addition to the Robinhood shares that were added to the fund at the end of November.
Coinbase Stock Performance
Coinbase stock is currently trading at $127.35 in pre-market trading, marking a more than 20% increase this week and a 250% increase year-to-date. Despite this recent surge, the stock is still down over 60% from its all-time high in November 2021.
Robinhood Stock Performance
Robinhood stock is priced at $9.08 in pre-market trading, showing an 11% increase this week and an 8% increase year-to-date. However, the shares are still down over 80% from their peak in August 2021.
Robinhood’s UK Launch and EU Expansion
Ark Invest has acquired more than $3 million worth of Robinhood shares this week, coinciding with the fintech app’s launch of commission-free stock trading in the UK. The company plans to gradually onboard clients and make the service “immediately available” in 2024.
Robinhood CEO Vlad Tenev stated that they aim to lower fees for customers in the UK, similar to what they did in the US before the pandemic. Additionally, Robinhood is preparing to expand its crypto trading services to the European Union in the coming weeks. This expansion comes after disappointing Q3 results for the fintech firm.
Hot Take: Ark Invest’s Shifting Investment Strategy
Cathie Wood’s Ark Invest has been actively adjusting its investment portfolio, selling off Coinbase shares while increasing its holdings in Robinhood. This indicates a shift in focus towards the fintech sector, particularly with Robinhood’s international expansion plans. Despite the recent surge in Coinbase stock, it still has a long way to go to recover from its all-time high. Meanwhile, Robinhood continues to face challenges as it strives to regain its peak performance levels. It will be interesting to see how these investment decisions play out for Ark Invest in the future.
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