Ark Invest Sells Coinbase and Robinhood Shares
Cathie Wood’s Ark Invest has sold a significant number of shares in Coinbase and Robinhood. The firm sold 3,360 Coinbase shares valued at over $580,000 and 23,606 Robinhood shares valued at nearly $300,000. The sales were made by ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.
Ark Invest plans to continue selling COIN shares worth millions as part of its active fund management strategy. As a result of the selling spree, the price of Coinbase (COIN) fell by 9.80% on Tuesday, closing at $156.88.
In addition to the Coinbase shares, ARK Next Generation Internet ETF sold 23,606 shares of Robinhood Markets (HOOD). The price of HOOD closed 2.90% lower at $12.37 on Tuesday.
Ark Invest Prepares for Spot Bitcoin ETF Approval
Ark Invest recently sold 2.25 million shares of Grayscale Bitcoin Trust (GBTC) worth $81 million. The firm moved funds into ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and ProShares Bitcoin Strategy ETF (BITO) in anticipation of its ARKB spot Bitcoin ETF approval.
The issuers of spot Bitcoin ETFs are expecting a decision from the U.S. SEC soon, with the approval window opening between January 5-10, 2024. Several issuers, including Ark 21Shares, have made updates to their proposals and are awaiting the SEC’s decision.
Hot Take: Cathie Wood’s Ark Invest Continues Selling Spree Amid Crypto Market Rally
Cathie Wood’s Ark Invest has been actively selling shares of Coinbase and Robinhood, despite the recent rally in the crypto market. The firm’s selling spree is part of its active fund management strategy. While Bitcoin has surpassed $45,500 for the first time in two years, COIN and HOOD shares have taken a hit. Ark Invest’s preparation for a spot Bitcoin ETF approval shows its confidence in the future of cryptocurrency. It remains to be seen how these moves will affect the market and whether Ark Invest’s strategy will pay off in the long run.
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