Cathie Wood’s Ark Invest Sells Coinbase Shares
Cathie Wood’s investment management firm, Ark Invest, has sold an additional 38,668 shares of Coinbase, worth nearly $5 million. This is the second time this week that Ark Invest has offloaded COIN stock.
Despite Coinbase’s stock price soaring 65% in a month and reaching a 52-week high, it closed 0.35% lower at $127.82 on Wednesday.
Previously, on November 27, Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares worth $5 million. In total, Cathie Wood’s funds have sold billions worth of COIN stocks, with the last sale occurring on July 18.
Additionally, on November 24, ARK Next Generation Internet ETF (ARKW) sold 94,624 GBTC shares worth almost $3 million.
Rising Demand for Robinhood Stock
Ark Invest continues to show interest in Robinhood Markets. On November 24, ARK Next Generation Internet ETF (ARKW) purchased 93,297 HOOD shares.
Furthermore, Cathie Wood’s ARKF made its largest buy of 221,759 HOOD shares on November 29. This coincided with Robinhood launching commission-free stock trading in the UK.
As of Wednesday, HOOD stock closed at $8.92 and is trading 3% higher in pre-market hours.
Hot Take: Cathie Wood’s Shift in Investment Strategy
Cathie Wood’s Ark Invest has been selling off its holdings of Coinbase shares while increasing its investments in Robinhood stock. This shift in strategy suggests that Wood sees more potential in Robinhood’s growth and innovation in the fintech space.
While Coinbase has experienced significant price increases, Ark Invest’s decision to sell COIN stock indicates a belief that the stock may have reached its peak for the time being. This move highlights the dynamic nature of investment strategies in the crypto industry, where investors must constantly reassess opportunities and make adjustments accordingly.
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