Cathie Wood’s ARK Invest Offloads Coinbase Shares and Acquires Robinhood and SoFi Technologies Shares
ARK Invest, an investment management firm led by Cathie Wood, continues to sell off Coinbase shares while adding shares of Robinhood and SoFi Technologies. In the latest trading filing, ARK Invest sold more than 10,000 COIN shares while acquiring Robinhood and SoFi shares worth millions of dollars. This move comes after ARK Invest sold $15 million worth of Coinbase stock last week when the price was at an 18-month high. Coinbase’s shares surged after news of a settlement between rival exchange Binance and the Department of Justice.
ARK Offloads COIN In Favor of Robinhood
According to the trading filing, ARK Invest sold thousands of Coinbase shares from its Fintech Innovation ETF and Next Generation Internet ETF. The company’s decision to sell off COIN shares coincides with its purchase of Robinhood shares. Robinhood recently announced its expansion into the UK, which could have contributed to the positive performance of its shares. Additionally, ARK Invest purchased shares of SoFi Technologies, although the company is handing over its crypto business to Blockchain.com.
Robinhood Crypto Trading Volume Surges in November
ARK Invest added more Robinhood shares to its Fintech Innovation ETF, following a previous $3 million purchase. The Wall Street Journal reported that Robinhood’s crypto trading volumes in November were roughly 75% higher than in October. This is a significant increase, especially considering that the company reported a decrease in crypto trading volume in its Third Quarter 2023 Results. Despite this, Robinhood’s CEO expects further growth in the crypto sector, citing renewed interest from retail investors.
Hot Take: ARK Invest’s Shifting Investments Reflect Changing Crypto Landscape
ARK Invest’s recent move to offload Coinbase shares and acquire shares of Robinhood and SoFi Technologies reflects the changing landscape of the crypto industry. With the surge in Robinhood’s crypto trading volume and its expansion into the UK, ARK Invest sees potential in the trading platform. Additionally, the acquisition of SoFi shares aligns with the company’s decision to focus on its core business and hand over its crypto operations to Blockchain.com. These strategic moves by ARK Invest demonstrate the firm’s ability to adapt to market trends and capitalize on emerging opportunities in the crypto space.
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