Cathie Wood’s Ark Invest Dumps $54M Coinbase & Robinhood Stocks

Cathie Wood’s Ark Invest, a major investment management firm, offloaded over $54 million worth of Coinbase (COIN) and Robinhood (HOOD) stocks lately. The dump comes amid a rally for the COIN and HOOD stocks as they attained a fresh 52-week high recently.

Cathie Wood-led Ark Invest Divests Coinbase & Robinhood Stocks

Cathie Wood’s Ark Invest divested around $52.27 million of Coinbase stock in the last trading session. On Thursday, March 21, Ark Invest dumped 133,533 Coinbase shares from its ARK Innovation ETF (ARKK). The selloff was worth $34.98 million.

In addition, the Cathie Wood-led organization dumped 59,125 shares of Coinbase from ARK Next Generation Internet ETF (ARKW) worth $15.49 million. Moreover, Ark Fintech Innovation ETF (ARKF) initiated a Coinbase stock selloff of 6,778 shares worth $1.77 million.

Furthermore, Cathie Wood’s firm divested 96,003 Robinhood shares worth $1.77 million from ARKW on Thursday, March 21. Hence, the total divestment amounts to $54.04 million. Whilst, the HOOD stock closed at $19.09, gaining 2.86%.

Moreover, the Robinhood stock gained 0.21% to $19.13 in the pre-market session on Friday, March 22. Meanwhile, the COIN stock surged 1.99% and closed at $262.00 on Thursday. However, it didn’t note a change in the pre-market trading session today.

Also Read: Fantom & THORChain Price Rally Amid Coinbase Futures Listing

Reddit IPO Investment

The Reddit (RDDT) stock opened trading on Thursday and witnessed a phenomenal surge. The popular social media organization’s IPO was deemed successful as the stock rallied over 48% on the first day of trading. The RDDT stock was up by 48.35% and closed at $50.44 on Thursday, according to Yahoo Finance.

Furthermore, Cathie Wood’s Ark Invest bought a significant amount of Reddit Reddit shares during the debut. The firm added a total of 9,982 Reddit shares worth over $503,000 to ARKW and ARKF. However, the RDDT stock witnessed a slump in the pre-market session today. At press time, the Reddit stock was down by 4.46% to $48.19.

Also Read: Reddit Lists on NYSE With $47 Stock Price; Valuation Tops Estimates