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Highlights
- Cathie Wood's Ark Invest funds on a selling spree for Coinbase, Nvidia, and Robinhood shares
- Cathie Wood’s Ark Invest sold a total of 96,435 Coinbase shares worth $16 million
- Nvidia and Robinhood shares dumping is rising by the asset management firm
Cathie Wood’s investment management firm Ark Invest is on a selling spree for Coinbase (COIN), Nvidia (NVDA), and Robinhood (HOOD) shares, despite better-than-expected earnings. Prices of all three stocks have surged over 30% in a month.
Cathie Wood’s Ark Invest Continues Selling Coinbase Shares
Cathie Wood’s Ark Invest sold a total of 96,435 Coinbase shares worth $16 million, as per trades seen by CoinGape. After its better-than-expected earnings report, Ark Invest funds offloaded $31 million worth of COIN shares as the price hit a 2-year high of $190. The Coinbase shares selloff this week were as follows:
On Feb 23, ARK Next Generation Internet ETF (ARKW) offloaded 24,193 Coinbase shares worth $4 million as price dips under $170.
On Feb 22, ARK Innovation ETF (ARKK) sold 2,828 Coinbase shares, continuing the selloff spree as part of its active management strategy.
On Feb 21, ARK Innovation ETF (ARKK) sold 31,747 Coinbase shares and Ark Fintech Innovation ETF (ARKF) offloaded 8,936 COIN shares.
On Feb 20, ARK Innovation ETF (ARKK) sold 19,732 Coinbase shares, Ark Fintech Innovation ETF (ARKF) sold 4,970 COIN stocks, and ARK Next Generation Internet ETF (ARKW) offloaded 4,029 Coinbase shares.
Coinbase (COIN) price fell 12.26% this week. On Friday, COIN closed 2.88% lower at $165.98 and another 0.59% fall after hours.
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Cathie Wood Also Dumps Nvidia and Robinhood Shares
Despite a bullish outlook on artificial intelligence (AI), Cathie Wood’s Ark funds offloaded Nvidia shares again this week. Last week, ARK Autonomous Technology & Robotics ETF (ARKQ) decided to offload 12,146 Google and 2,707 Nvidia holdings. ARKW also offloaded 1,969 NVIDIA shares.
On Feb 23, ARKQ again sold 2,362 Nvidia shares. Before that, ARK Next Generation Internet ETF (ARKW) offloaded 5,067 Nvidia shares worth $4 million on Feb 22. NVDA price soared 6.41% this week, closing at $788.17 on Friday.
Robinhood Markets is also under the sell list of ARK funds. ARKW sold 140,997 Robinhood shares and ARKF offloaded 92,100 shares on Feb 23. This came after ARKW sold 190,413 Robinhood shares and ARKF offloaded 104,669 shares on Feb 20 and 37,312 shares on Feb 22.
HOOD price jumped 8.46% this week. Robinhood Markets stock price closed 3.65% higher at $14.48 on Friday, with 1.17% more surge in after market hours.
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