Cathie Wood’s Ark Invest Funds Sell Coinbase Shares Amid Price Rally
Ark Invest, the investment management firm led by Bitcoin bull Cathie Wood, has sold additional holdings of Coinbase shares as the price continues to rally in the crypto market. The firm purchased 10,218 Coinbase shares worth $1.4 million, while also selling COIN shares from its ARK Innovation ETF and ARK Fintech Innovation ETF.
The price of Coinbase stock closed 5.48% higher at $141.09 on Monday, reaching another high of $146.30. It has rallied 16% in a week and 63% in a month.
Meanwhile, Ark Invest continues to buy Robinhood shares, with the ARK Fintech Innovation ETF purchasing 14,702 shares as the price jumped 15% in a week.
Crypto Market Rally Boosts Ark Invest’s Performance
The rally in the crypto market has significantly improved the performance of Ark Invest funds. With market sentiment remaining high, it is expected that the crypto market will continue to rally.
Ronhood Expands to UK as Cathie Wood’s Funds Keep Buying Shares
While selling some crypto shares, Cathie Wood’s funds have been buying Robinhood shares. Robinhood recently announced its expansion to the United Kingdom as part of its strategy to capture more market share. The firm saw a 75% rise in November amid anticipation of a spot Bitcoin ETF.
The price of Robinhood shares closed 2.47% higher at $9.55, with an additional 4.40% increase after hours. The price is expected to open higher on Tuesday.
Bitcoin Adoption by Defense Department Seen as Significant for Crypto
Cathie Wood commented on the Defense Department’s adoption of Bitcoin as an “offset strategy” for cyber warfare and defense, calling it a “significant proof of concept for Bitcoin!” This development further highlights the potential of Bitcoin in various sectors.
Hot Take: Cathie Wood’s Ark Invest Sells Coinbase, Buys Robinhood Amid Crypto Market Rally
Cathie Wood’s Ark Invest has made strategic moves in the crypto market by selling Coinbase shares and buying Robinhood shares. The price rally in both stocks reflects the positive sentiment in the market. As the crypto market continues to rally, Ark Invest’s performance is expected to improve even further. Additionally, the expansion of Robinhood to the UK and the Defense Department’s adoption of Bitcoin demonstrate the growing acceptance and potential of cryptocurrencies in different industries.
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