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Breaking: Cathie Wood’s Ark Invest Sells Coinbase Shares & Buys Robinhood As Prices Rally

Bitcoin bull Cathie Wood's Ark Invest offloads additional holdings of Coinbase (COIN) shares and buys Robinhood shares.
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Breaking: 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.

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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

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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