Cathie Wood’s Ark Invest Offloads Coinbase (COIN) and Robinhood (HOOD) Shares Amid Rally

Cathie Wood’s investment management firm Ark Invest has been liquidating its pile of shares in crypto firms. The firm has continued selling its holdings in Coinbase (NASDAQ: COIN) and others such as GBTC.

Ark Invest Offloads Coinbase and Robinhood

In a strategic move amidst the current turbulence in the cryptocurrency market, Ark Invest, led by Cathie Wood, executed significant transactions in the stock market on Tuesday. Notably, the firm opted to sell shares of Coinbase Global Inc. as part of its broader strategy to adapt to the evolving economic landscape.

The sale, involving 34,261 Coinbase shares, took place through both Ark Invest’s flagship ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), totaling nearly $5.5 million. This decision reflects Ark Invest’s proactive approach in response to the heightened volatility in the cryptocurrency sector. On the day of the transaction, Coinbase shares closed 5.04% higher at $161.16.

In a similar move reflecting adjustments to its crypto portfolio, Ark Invest also executed a sale of Robinhood Markets Inc. shares. The decision to sell 121,100 shares of the retail-investor-focused trading platform was conducted through Ark Fintech Innovation ETF (ARKF) and amounted to $1.6 million.

The transaction coincided with a notable uptrend in Robinhood (NASDA: HOOD) shares, which closed 10.4% higher at $13.17 for the day. The decision aligns with Ark Invest’s dynamic approach to portfolio management, responding to market dynamics and optimizing its holdings.

Ark Invest Buys Zoom

Ark Invest has been juggling its portfolio in a major way this month, selling off its crypto holdings, but buying other new-age companies. Thus, the firm increased its holdings in Zoom Video Communications, a notable player in the video conferencing space. The ARKW (Ark Next Generation Internet ETF) acquired these additional shares.

A day before, Ark Invest also purchased some good quantities of Block Inc. This was the second major purchase after its first one last month in November. On December 18, the ARK Next Generation Internet ETF (ARKW) made a significant acquisition, purchasing 347,692 shares of Block Inc (SQ) with a total valuation exceeding $27 million. The performance of the ARKW fund has surged impressively, marking a year-to-date increase of 97.01%.

The post Cathie Wood’s Ark Invest Offloads Coinbase (COIN) and Robinhood (HOOD) Shares Amid Rally appeared first on CoinGape.