Ark Invest Dumps Coinbase, Robinhood Shares During Crypto Market Turbulence


On Tuesday, Cathie Wood-led Ark Invest made significant stock market moves with the most notable being the sale of shares in Coinbase Global Inc (NASDAQ:COIN), amid a volatile cryptocurrency market. This decision reflects the firm’s strategic adjustments in response to the current economic landscape.

Notably, Bitcoin (BTC) and Ethereum (CRYPTO ETH) – two of the biggest cryptocurrencies – were trading lower amid liquidations worth $116 million.

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The Coinbase Trade

Through its flagship ARK Innovation ETF (NYSE:ARKK), and the ARK Next Generation Internet ETF (NYSE:ARKW), Ark bought 34261 Coinbase shares on Tuesday. The nearly $5.5 million worth of transactions took place. Coinbase’s shares closed at $161.16, up 5.04%.

Ark Invest’s decision to sell shares of Coinbase Global reflects the cryptocurrency market’s increasing volatility. According to recent reports, the move is in line with Wood’s broader strategy of navigating through the crypto sector.

The Robinhood Trade

Regarding the sale of Robinhood Markets Inc (NASDAQ:HOOD) shares, Ark’s decision follows a period of juggling its crypto portfolio, as detailed in a recent analysis. Ark sold 121,100 shares of the retail-investor-focused trading platform on Tuesday, worth $1.6 million through the ARK Fintech Innovation ETF (NYSE:ARKF). Robinhood’s closing price of the shares was $13.17, up 10.4% for the day. The positive market momentum was attributed in an earlier Benzinga report.

Other Key Trades:

  • Buying shares of Zoom Video Communications (NASDAQ ZM) via ARKW.
  • Reducing holdings in UiPath Inc (NYSE:PATH), a leading robotic process automation company through ARKK.

See Also: Early Believer In Tesla And Nvidia, Cathie Wood And Her Firm Changed Modern Investing

Ark Invest’s recent trades underscore the firm’s dynamic investment strategy, adapting to market trends and uncertainties. The investment landscape is constantly evolving, especially in the tech and cryptocurrency sectors. Ark’s moves are closely watched by investors and analysts alike.

Read Next: Exclusive: EQI Bank’s Eli Taranto Talks Bitcoin Spot ETF Optimism, Reflects On Cathie Wood’s Influence

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