Cathie Wood’s Ark Invest Sells Coinbase and Robinhood Markets
During the first day of spot Bitcoin ETF trading, Cathie Wood’s Ark Invest sold a total of 31,281 Coinbase shares worth over $4.5 million. The ARK Innovation ETF (ARKK) offloaded 26,301 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) sold 4,980 COIN shares. The recent selloff of Coinbase shares worked in favor of Ark Invest as the price dropped 17% this week. As a result, Coinbase stock closed at $130.78 on Friday, down 7.35%.
In addition to selling Coinbase shares, ARK funds also sold 366,406 Robinhood Markets shares worth over $4 million. The ARK Innovation ETF (ARKK) offloaded 342,519 HOOD shares, and the ARK Next Generation Internet ETF (ARKW) sold 23,887 HOOD shares. The price of Robinhood Markets stock fell by 5.89% to $11.02 on Friday.
Cathie Wood Turns To Tesla
Despite offloading crypto shares during spot Bitcoin ETF trades, Ark Invest purchased a total of 224,277 Tesla shares worth nearly $50 million in the last two days. The ARK Innovation ETF (ARKK) bought 188,387 Tesla shares, while the ARK Next Generation Internet ETF (ARKW) purchased 35,890 TSLA shares. Tesla stock closed at $218.89 on Friday, experiencing a drop of 3.67% for the week.
Hot Take: Cathie Wood’s Shifting Investment Strategy
Cathie Wood’s Ark Invest has been making strategic moves in its investment portfolio recently. Wood’s firm sold off shares of Coinbase and Robinhood Markets amid the debut of spot Bitcoin ETF trading, capitalizing on the decline in prices. However, Ark Invest has shown confidence in Tesla by purchasing a significant number of shares. This indicates Wood’s belief in the long-term potential of the electric vehicle company, despite its recent stock price drop. Wood’s shifting investment strategy reflects her adaptability to market trends and her commitment to finding opportunities for growth in various sectors.
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