Cathie 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

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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.