Ark Invest Reshapes Portfolio by Selling Coinbase Shares
Ark Invest, led by Cathie Wood, has made another change to its portfolio by selling over $1.4 million worth of Coinbase Global Inc shares. This decision comes during a bullish period in the cryptocurrency market, with Bitcoin surpassing $40,000.
Recent Shift in Ark Invest’s Cryptocurrency Holdings
As part of the recent shift, Ark Invest sold 10,218 Coinbase shares through its flagship ARK Innovation ETF and Ark Fintech Innovation ETF. This move took place amidst a broader rally in cryptocurrencies and pending decisions on spot Bitcoin ETFs.
Ark Invest Continues to Offload Coinbase Shares
Coinbase shares have been the subject of strategic adjustments by Ark Invest. This is not the first time the firm has trimmed its Coinbase holdings. In November, Ark Invest sold 43,956 shares valued at $5.3 million as the stock reached its highest point since April 2021.
The recent sell-off coincided with Coinbase’s impressive 55% surge in share price throughout November, reflecting improved sentiment in the crypto market. Ark Invest previously divested over $100 million worth of Coinbase shares in July when prices were around $90.
Cathie Wood’s firm has shown agility in adjusting its exposure to Coinbase, taking advantage of favorable market conditions while managing risks.
Increased Exposure to Robinhood Amid Crypto Rally
Alongside the sale of Coinbase shares, Ark Invest increased its stake in Robinhood Markets Inc. The firm purchased 14,704 shares of Robinhood as the stock and crypto trading platform announced a 75% increase in crypto trading on its platform in November compared to October.
Hot Take: Ark Invest Adapts to Market Conditions
Ark Invest, led by Cathie Wood, has made strategic adjustments to its portfolio by selling Coinbase shares and increasing exposure to Robinhood. This move comes during a bullish period in the cryptocurrency market, as Bitcoin trades above $40,000. Ark Invest has demonstrated agility in capitalizing on favorable market conditions and managing risks. By reshaping its holdings, the firm aims to optimize its position and adapt to changing dynamics in the crypto space.
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