NewsletterCathie Wood’s Ark Invest Sells Coinbase & Robinhood Shares, Buys Tesla
Asset management firm Ark Invest founded by Cathie Wood has offloaded Coinbase (COIN) and Robinhood Markets (HOOD) shares worth millions again in the last two spot Bitcoin ETF trading days on Thursday and Friday. Meanwhile, Cathie Wood’s Ark Invest funds have purchased Elon Musk’s Tesla (TSLA) shares, further increasing its holdings.
Cathie Wood’s Ark Invest Sells Coinbase and Robinhood Markets
On the first day of spot Bitcoin ETF trading, Cathie Wood’s Ark Invest sold a total of 31,281 Coinbase shares worth over $4.5 million, as per trades seen by CoinGape.
ARK Innovation ETF (ARKK) sold 26,301 Coinbase shares and ARK Next Generation Internet ETF (ARKW) offloaded 4,980 COIN shares.
The recent Coinbase selloff spree went in favor of Ark Invest as COIN price fell 17% this week as spot Bitcoin ETF comes about as a “sell the news” event. Coinbase stock price closed 7.35% lower at $130.78 on Friday.
In addition, ARK funds offloaded 366,406 Robinhood Markets (HOOD) shares worth over $4 million in the last two days. ARK Innovation ETF (ARKK) sold 342,519 HOOD shares and ARK Next Generation Internet ETF (ARKW) offloaded 23,887 HOOD shares.
HOOD price closed 5.89% lower at $11.02 on Friday. Robinhood Markets stock price tumbled 7.86% this week amid selloffs due to spot Bitcoin ETFs.
Also Read: MicroStrategy’s Michael Saylor Sells More Stocks For Investing Into Bitcoin
Cathie Wood Turns To Tesla
While Ark Invest funds continued to offload crypto shares amid spot Bitcoin ETF trades, they purchased a total of 224,277 Tesla (TSLA) shares worth nearly $50 million in the last 2 days. Cathie Wood started buying Tesla shares again in December after selling them for months.
ARK Innovation ETF (ARKK) bought 188,387 Tesla shares and ARK Next Generation Internet ETF (ARKW) purchased 35,890 TSLA shares.
TSLA price closed at $218.89 on Friday, down 3.67%. Elon Musk’s Tesla stock price dropped 7.32% this week.
Also Read: Vanguard Escalates Fight Against Bitcoin ETFs, Here’s What Happening
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Just-In: Startale Launches Super App for Sony’s Soneium Blockchain Ecosystem
- Breaking: Canary XRP ETF Gets Approval with 8-A Filing to List on Nasdaq
- New Draft Crypto Market Structure Bill: Everything You Need to Know
- Uniswap Launches UNIfication to Overhaul Governance Model: Report
- Vivek Ramaswamy’s Strive Acquires $162M in Bitcoin, Surpasses Galaxy Digital in BTC Holdings
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $0.30 Below?
