Cathie Wood’s Ark Invest Continues Selling Coinbase Shares
Cathie Wood’s Ark Invest has resumed its selling spree of Coinbase shares, offloading 34,261 COIN ($5.5 million) from two funds as the stock reached new yearly highs. The company sold 28,638 shares ($4.6 million) from its Innovation ETF and 5,623 shares ($906,000) from its Next Generation Internet ETF. This is part of Ark’s strategy to rebalance its fund weightings amid the surge in COIN stock over the past month. Last week, Ark also disposed of $59 million worth of Coinbase shares.
Coinbase Stock Performance
At market close yesterday, Coinbase stock traded for $161.16, up around 5% for the day, 66% over the past month, and 342% year-to-date. This marks its highest level since April 2022. However, the stock is still down approximately 53% from its November 2021 all-time high of around $343.
Ark Offloads Robinhood Shares
Ark Invest also sold 121,100 Robinhood shares ($1.6 million) from its Fintech Innovation ETF. This comes after Ark had previously bought $3.3 million worth of HOOD ahead of the fintech firm’s crypto trading app launch in Europe this month.
Robinhood Stock Performance
Robinhood stock traded for $13.17 at market close yesterday, up 10% on the day, 65% over the past month, and 59% year-to-date. The shares have reached new highs for 2023 but are still down around 76% from a peak of $55 set in August 2021.
Hot Take: Ark Invest Continues to Adjust Its Portfolio
Cathie Wood’s Ark Invest is actively rebalancing its portfolio by selling off Coinbase and Robinhood shares. This move comes as Coinbase stock reaches new yearly highs, providing an opportunity for profit-taking. Ark’s decision to sell off some of its Robinhood holdings may suggest a shift in its strategy or a desire to reallocate capital to other investments. It will be interesting to see how these moves impact Ark’s overall performance and whether they signal a broader trend in the market.
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