Cathie Wood’s Ark Invest Sells Off Coinbase and Robinhood Stocks
In a surprising move this week, Cathie Wood’s Ark Invest divested a significant amount of shares in Coinbase and Robinhood, totaling approximately $122 million. The decision to sell comes as both companies’ stock prices reached new 52-week highs. However, the stocks experienced a significant slump on the day of the divestment.
Ark Invest Dumps Coinbase Stock
Last Friday, March 22, Ark Invest sold around $55.60 million worth of COIN stock. The firm’s ARK Innovation ETF (ARKK) saw a massive dump of 151,271 shares, equivalent to $38.65 million. Additionally, the ARK Next Generation Internet ETF (ARKW) divested 60,332 COIN shares worth $15.41 million.
- The Cathie Wood-led firm’s Ark Fintech Innovation ETF (ARKF) also participated in the divestment, selling off 6,007 Coinbase shares worth $1.53 million.
- On Thursday, March 21, Ark Invest sold approximately $52.27 million worth of Coinbase stock. This included the sale of 133,533 shares from their ARKK fund, amounting to $34.98 million.
- In addition, they offloaded 59,125 shares from ARKW valued at $15.49 million and 6,778 shares from ARKF worth $1.77 million.
- At the beginning of the week, Ark Invest sold 30,458 Coinbase shares worth $7.29 million on Monday.
The total divestment for the week reached a staggering $115.16 million. On Friday, COIN stock experienced a decline of 2.48% and closed at $255.51. The previous day, it had surged by 1.99% to close at $262.00.
Ark Invest Dumps Robinhood Stock
Alongside the divestment in Coinbase, Ark Invest also sold off Robinhood stocks worth $5.76 million. This included a significant offload of 229,586 shares from ARKK, totaling $4.20 million.
- The organization also divested 50,711 HOOD shares worth over $928,000 from ARKW.
- Additionally, they sold 34,492 Robinhood shares from ARKF valued at over $631,000.
- The previous day, Ark Invest divested 96,003 shares of Robinhood from ARKW, amounting to $1.77 million in sales.
In total, the divestment of Robinhood stocks reached $7.53 million for the week. On Friday, HOOD stock experienced a decline of 4.14% and closed at $18.30. However, the previous day had seen a gain of 2.86%, closing at $19.09.
Cathie Wood’s Bearish Outlook on Crypto Stocks
Cathie Wood’s decision to sell off significant amounts of Coinbase and Robinhood stocks aligns with her bearish outlook on crypto stocks in the short term. It seems that Ark Invest is taking precautions and reducing its exposure to these companies amidst uncertain market conditions.
Hot Take: What Does This Mean for Crypto Investors?
The divestment by Cathie Wood’s Ark Invest raises several questions for crypto investors:
- Is this a sign of an impending bear market for crypto stocks?
- Should investors follow suit and consider divesting their holdings in Coinbase and Robinhood?
- What other factors might be influencing Ark Invest’s decision?
These questions highlight the uncertainty in the market and the need for careful analysis and consideration when making investment decisions.
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