Cathie Wood's ARK Invest Divests From Coinbase at Peak, Increases Holdings in Robinhood

ARK Invest Trims Coinbase Stake, Adds to Robinhood Position

Cathie Wood’s ARK Invest has made some strategic moves in the crypto sector, selling a significant amount of its Coinbase shares while increasing its holdings in Robinhood. The asset management firm sold nearly $5.3 million worth of Coinbase shares as the crypto exchange’s stock price reached a 19-month high. At the same time, ARK Invest bought $1.2 million in Robinhood stock, marking its fifth purchase of the trading app company this month. These trades come as cryptocurrencies show signs of recovering from a bear market.

ARK Invest Trimming Coinbase After Big Jump

ARK Invest sold 43,956 Coinbase shares on November 28 as the stock closed at its highest point since April 2021. The sale amounted to $5.26 million and is ARK’s largest dump of Coinbase shares since July. It should be noted that Cathie Wood’s firm sold over $100 million worth of Coinbase shares in July when prices were around $90.

ARK Invest has also been offloading shares of Grayscale Bitcoin Trust (GBTC), but this may not indicate a bearish stance on Bitcoin. Bloomberg ETF analyst Eric Balchunas suggests that ARK is selling GBTC to rebalance its weightings and maintain a 9% allocation to GBTC despite the sales.

Cathie Wood Loading Up On Robinhood

While reducing its exposure to Coinbase and GBTC, ARK Invest continues to accumulate shares of Robinhood. The firm purchased 143,063 Robinhood shares worth $1.2 million on Monday, making it their fifth purchase of the company this month. This signals confidence in Robinhood, despite the layoffs and declining user activity it has experienced.

In addition to Robinhood, ARK Invest has also been buying shares of SoFi, a crypto-friendly banking app. These moves demonstrate ARK’s ongoing interest in crypto-related stocks.

Hot Take: ARK Invest Strategically Adjusts Holdings

Cathie Wood and ARK Invest are making strategic moves in the crypto sector, trimming their exposure to Coinbase and GBTC while increasing their holdings in Robinhood and other crypto-related stocks. This flexibility allows ARK to capture gains while still maintaining stakes in the event of a sector resurgence. As cryptocurrencies recover from a bear market, ARK’s agility and adaptability position them well for potential future growth.