NewsletterBreaking: Cathie Wood’s Ark Invest Sells Coinbase Shares & Buys Robinhood As Prices Rally
Bitcoin bull Cathie Wood’s investment management firm Ark Invest offloads additional holdings of Coinbase shares, the sixth selloff of COIN shares as the price continues to rally amid tremendous recovery in the crypto market. Meanwhile, Ark Invest’s various funds continue to buy Robinhood Markets (HOOD) in anticipation of huge moves.
Cathie Wood’s Ark Invest Sells Coinbase (COIN) Shares
Cathie Wood’s Ark Invest funds sold 10,218 Coinbase (COIN) shares worth $1.4 million, according to transactions seen by Coin Gape. The move comes as Ark Invest continues to sell COIN shares as price rally 19-week high.
ARK Innovation ETF (ARKK) sold 7,248 Coinbase shares and ARK Fintech Innovation ETF (ARKF) sold 2,970 COIN stocks.
Coinbase (COIN) stock price closed 5.48% higher at $141.09 on Monday, after hitting another high of $146.30. The price rallied 16% in a week and 63% in a month.
On Nov 30, ARK Next Generation Internet ETF (ARKW) sold 37,377 COIN shares. In addition, Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares worth $5 million on November 27 and 37,377 COIN stocks on November 29. Cathie Wood’s Ark Investment sold more than 30,000 COIN shares last month.
The crypto market rally has improved Ark Invest funds’ performance. With market sentiment remaining higher, the crypto market will continue to rally.
Also Read: Binance Launches Zero-Fee Trading For XRP, ETH, SOL, DOGE, LINK, BNB
Cathie Wood Bags More Robinhood Shares
While Cathie Wood’s funds offloaded some crypto shares, the firm kept buying Robinhood (HOOD) shares. Last week, Robinhood also announced expansion to the United Kingdom as part of strategy to grab the market share. The firm saw 75% rise in November amid spot Bitcoin ETF anticipation.
ARK Fintech Innovation ETF (ARKF) purchased 14,702 Robinhood shares as price jumped 15% in a week. HOOD price closed 2.47% higher at $9.55, but rally 4.40% after hours. The price is expected to open higher on Tuesday.
Cathie Wood said Defense Department adopting Bitcoin as an ‘offset strategy’ due to potential in cyber warfare and defense indicates “significant proof of concept for Bitcoin!”
Also Read: Meta And IBM Launch AI Alliance Amid OpenAI Challenges
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