Ark Invest Sells Coinbase and Robinhood Stocks
Ark Invest, the investment management firm led by Cathie Wood, has recently divested over $54 million worth of stocks in Coinbase (COIN) and Robinhood (HOOD). This comes as both COIN and HOOD stocks reached new 52-week highs.
Cathie Wood-led Ark Invest Divests Coinbase & Robinhood Stocks
During the last trading session, Ark Invest sold approximately $52.27 million worth of Coinbase stock. Specifically, on March 21, the firm dumped 133,533 Coinbase shares from its ARK Innovation ETF (ARKK), resulting in a sell-off worth $34.98 million.
In addition, Ark Invest also sold 59,125 shares of Coinbase from its ARK Next Generation Internet ETF (ARKW), amounting to $15.49 million. Furthermore, the firm initiated a sell-off of 6,778 Coinbase shares from its Ark Fintech Innovation ETF (ARKF), totaling $1.77 million.
Additionally, Ark Invest divested 96,003 Robinhood shares worth $1.77 million from its ARKW fund on March 21. This brings the total divestment to $54.04 million. Meanwhile, the HOOD stock closed at $19.09, experiencing a gain of 2.86%.
In pre-market trading on March 22, the Robinhood stock increased by 0.21% to reach $19.13. On the other hand, the COIN stock saw a surge of 1.99% and closed at $262.00 on March 21 without any notable changes in pre-market trading.
Reddit IPO Investment
The Reddit stock (RDDT) had a successful debut on the market, with a remarkable surge in value. On its first day of trading, the popular social media company’s IPO resulted in a 48% rally for the RDDT stock. It closed at $50.44 on March 21, according to Yahoo Finance.
Ark Invest, under Cathie Wood’s leadership, made significant investments in Reddit shares during its debut. The firm added a total of 9,982 Reddit shares worth over $503,000 to its ARKW and ARKF funds. However, the RDDT stock experienced a decline in the pre-market session on the following day, dropping by 4.46% to reach $48.19.
Summary: Ark Invest Sells Coinbase and Robinhood Stocks; Invests in Reddit IPO
Cathie Wood’s Ark Invest has recently divested over $54 million worth of Coinbase and Robinhood stocks while making investments in the Reddit IPO. The firm sold a significant amount of Coinbase shares across its various funds, resulting in a total divestment of $52.27 million for Coinbase and $1.77 million for Robinhood.
On the other hand, Ark Invest showed confidence in Reddit by adding nearly 10,000 shares to its portfolio during the company’s IPO. Despite a decline in the RDDT stock in pre-market trading on the following day, Ark Invest remains active in the crypto market.
Hot Take: Ark Invest Diversifies Portfolio Through Stock Divestments and Investments
Ark Invest’s recent actions reflect its strategy of diversifying its portfolio by both selling and buying stocks in different companies. By divesting from Coinbase and Robinhood stocks, Ark Invest aims to capitalize on their recent highs while reallocating funds into promising opportunities such as the Reddit IPO.
These moves demonstrate Cathie Wood’s proactive approach to managing the firm’s investments and staying ahead of market trends. With a focus on innovative companies and emerging technologies, Ark Invest continues to make strategic decisions that align with its long-term growth objectives.
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