Cathie Wood’s Ark Invest sold a significant amount of Coinbase and Robinhood shares on Thursday. The firm’s ARK Innovation ETF offloaded 26,301 shares of Coinbase and 341,592 shares of Robinhood, while the ARK Next Generation Internet ETF sold 4,980 Coinbase shares and 23,838 Robinhood shares. Both Coinbase and Robinhood stocks closed lower as investors reacted to the news of U.S. approval of spot bitcoin ETFs.
Coinbase and Robinhood Stocks Close Lower
At market close, Coinbase shares were down 6.7% at $141.16, and Robinhood ended the day lower by 3.5% at $11.71. The drop in prices coincided with the start of trading for spot bitcoin ETFs, which had a total trading volume of around $4.53 billion for the 11 instruments.
First Day of Trading for Spot Bitcoin ETFs
The first day of trading for spot bitcoin ETFs saw significant activity, with a total trading volume of $4.53 billion. BlackRock’s iShares Bitcoin Trust was the top performer among new issuers, with a trading volume of around $1 billion. Grayscale’s spot bitcoin ETF, a conversion of its flagship GBTC fund, recorded $2.28 billion in trading volume.
Hot Take: Spot Bitcoin ETFs Make an Impact on Coinbase and Robinhood Stocks
The approval and start of trading for spot bitcoin ETFs had a notable impact on Coinbase and Robinhood stocks. As investors weighed the news, both stocks experienced declines in value. It remains to be seen how these developments will continue to influence the cryptocurrency market and the companies involved.
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