Cathie Wood Offloads $123M Coinbase & Robinhood Stocks This Week
Highlights
- Cathie Wood's Ark Invest offloaded about $123 million worth of COIN and HOOD stock.
- On March 22, the largest selloff of these crypto stocks was noted for this week.
- Ark Invest resorted to investing in the Reddit IPO, which gained over 48% during debut.
Ark Invest, led by Cathie Wood, made significant divestments this week, unloading approximately $122 million worth of shares in Coinbase (COIN) and Robinhood (HOOD). The move comes amid a surge in their stock prices, hitting fresh 52-week highs. However, on Friday, when the maximum dump was recorded for Ark Invest, both COIN and HOOD stocks slumped significantly.
Cathie Wood’s Ark Invest Dumps Coinbase Stock
On Friday, March 22, the Cathie Wood-led organization offloaded about $55.60 million worth of COIN stock. The firm’s ARK Innovation ETF (ARKK) witnessed a massive dump of 151,271 Coinbase shares, equivalent to $38.65 million. Furthermore, ARK Next Generation Internet ETF (ARKW) registered a divestment of 60,332 COIN shares worth $15.41 million.
In addition, the Cathie Wood-led firm’s Ark Fintech Innovation ETF (ARKF) saw a sell-off of 6,007 Coinbase shares. This dump was worth $1.53 million. Moreover, Cathie Wood’s Ark Invest shed around $52.27 million worth of Coinbase stock on Thursday, March 21. The investment management firm sold off 133,533 shares of Coinbase from their ARKK, amounting to $34.98 million.
Additionally, they offloaded 59,125 shares of Coinbase from ARKW, valued at $15.49 million. ARKF joined in the divestment, selling 6,778 shares of Coinbase worth $1.77 million. Meanwhile, in the beginning of the week, the Cathie Wood-led organization sold 30,458 Coinbase shares worth $7.29 million on Monday.
Hence, the total weekly dump amounts to $115.16 million. Whilst, on Friday, the Coinbase stock plunged 2.48% and closed at $255.51. Earlier, the COIN stock surged by 1.99% to close at $262.00 on Thursday.
Also Read: Cathie Wood’s Ark Invest Dumps $54M Coinbase & Robinhood Stocks
Ark Invest Dumps Robinhood Stock
On Friday, Cathie Wood’s firm unloaded $5.76 million worth of HOOD stock. This consisted of a massive offload of 229,586 Robinhood shares worth $4.20 million from ARKK. In addition, the organization dumped 50,711 HOOD shares worth over $928,000 from ARKW. Moreover, 34,492 Robinhood shares, valued at over $631,000, were offloaded from ARKF.
Furthermore, Ark Invest divested 96,003 shares of Robinhood from ARKW, totaling $1.77 million in sales on Thursday, March 21. The overall divestment for the week reached $7.53 million. Amid the sell spree, the Robinhood stock plummeted 4.14% and closed at $18.30 on Friday. Meanwhile, HOOD stock closed at $19.09, experiencing a 2.86% gain on Thursday.
The massive dump from Cathie Wood’s Ark Invest is in line with her bearish outlook on crypto stocks in the short term. Hence, her firm has indulged in a sell spree of Robinhood and Coinbase stocks. Whilst, the organization has considered investing in the Reddit IPO.
Also Read: Reddit IPO Price Soars, Here’s Why?
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