Ark Invest Sells Coinbase and Robinhood Shares
Cathie Wood’s investment management firm, Ark Invest, has made strategic moves in the stock market by selling shares of Coinbase and Robinhood. This decision is part of Ark Invest’s strategy to adapt to the current volatility in the cryptocurrency market.
The sale of 34,261 Coinbase shares was carried out through Ark Invest’s ARK Innovation ETF and ARK Next Generation Internet ETF, amounting to nearly $5.5 million. On the day of the transaction, Coinbase shares closed higher at $161.16.
In a similar move, Ark Invest sold 121,100 shares of Robinhood through its Ark Fintech Innovation ETF, totaling $1.6 million. This decision coincided with an uptrend in Robinhood shares.
Ark Invest Adds Zoom to Portfolio
While selling off its crypto holdings, Ark Invest has also been buying shares of new-age companies. The firm increased its holdings in Zoom Video Communications through the ARKW fund.
In addition, Ark Invest purchased a significant number of shares in Block Inc. on December 18 through the ARK Next Generation Internet ETF. This acquisition had a total valuation exceeding $27 million.
Hot Take: Cathie Wood’s Ark Invest Adapts to Market Volatility
Cathie Wood’s Ark Invest has made strategic moves in response to the volatile cryptocurrency market. The firm has sold shares of Coinbase and Robinhood while increasing its holdings in companies like Zoom and Block Inc. These decisions reflect Ark Invest’s proactive approach to portfolio management and its ability to adapt to changing market dynamics.
By
By
By
By
By