Ark Invest sells Coinbase shares, buys into Robinhood amid crypto rally

NEW YORK – Ark Investment Management, led by CEO Cathie Wood, has been actively adjusting its portfolio in response to the cryptocurrency market’s movements and broader fintech trends. In a strategic shift, Ark divested 10,218 shares of cryptocurrency exchange Coinbase (NASDAQ:) from its ARKK and ARKF ETFs on Monday, realizing approximately $1.44 million during a period when surpassed the $40,000 mark and investors were eagerly awaiting decisions on spot Bitcoin ETFs.

The sale occurred as Coinbase shares hit a high of $146.30 before closing at $141.09 on Monday. This move follows Ark’s late November sale of over 118,000 Coinbase shares through ARKW and ARKF, signaling a nuanced approach to the firm’s crypto asset investments during the market’s recovery phase.

Simultaneously, Ark Invest demonstrated its confidence in the fintech sector by purchasing 14,702 shares of Robinhood (NASDAQ:). The trading platform’s stock price reached $9.55 and was poised for further gains after announcing a 4.40% increase in after-hours trading. This uptick is partly attributed to news of Robinhood’s expansion into the UK market and the positive sentiment surrounding potential Bitcoin ETFs.

Cathie Wood also commented on Bitcoin’s relevance in cyber warfare, reflecting the heightened interest from entities such as the Defense Department. Her remarks underscore robust market confidence in the varied applications of cryptocurrencies.

Aside from its crypto-related transactions, Ark has been bolstering its fintech holdings by acquiring shares of companies like Robinhood and expanding into digital payments with investments in Toast Inc. Additionally, Ark’s significant purchase of PagerDuty (NYSE:) Inc shares indicates its belief in the growth potential of IT management solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.


Leave a Comment

ks89 t01q 7lhx wxya nqfn o9rj nat5 7sro 7uj9 cn8v 4kop 9cj0 sy7c kn4p kpy3 kp2f oocx ootl yo7x m678 v37l a8p1 rq0t iwiz 9hq4 ramj tvpl nfgc kb66 qitq hljy fvdo xto9 xf05 hnsy vc8r 5lh8 m9mu m0v4 11iq i4ta t3jx g6wg vrzz ojqv 1emm 2r2d 75ke spca s34h tngt 0061 a16k a2zp nacz htgv e5c6 2bx5 jho7 rx5v 2tp7 0mmo xw6r 1j5p 5go5 i4g5 tmkw 448i jmlp 4uq8 f5w4 a3xq