Cathie Wood-led investment firm Ark Invest has sold a total of $12.3 million in Coinbase and Robinhood shares amid a strong rally in the crypto market.
Ark Invest Sells Coinbase and Robinhood Stake Amid Crypto Rally
Ark Invest’s flagship fund, the ARK Innovation ETF (ARKK), has sold 16,627 shares of Coinbase and 58,504 shares of Robinhood as of Thursday.
The Coinbase sale was valued at approximately $6.5 million, while the Robinhood sale was valued at $5.8 million. The fund also sold 24,780 shares of Block Inc., generating approximately $1.7 million in proceeds.
The sell-off comes just after bitcoin reached a new all-time high of $118,080, while Ethereum (ether) surged 8.5% to $3,011 during the same period.
Coinbase shares closed Thursday up 4% at $388.96, while Robinhood rose 4.4% to $98.7. Block Inc. shares were down just 0.36%.
While this step by Ark Invest is interpreted as profit realization, it indicates that strategic portfolio adjustments towards technology and crypto-focused companies are continuing.
On Investors’ Radar: Coinbase and Robinhood Developments
- Coinbase recently announced a partnership with AI-powered search engine Perplexity AI to launch a real-time cryptocurrency data service. This move marks a notable collaboration between two leading players in the blockchain and AI fields.
- Robinhood has begun discussions with European regulators regarding its new equity tokenization initiative. The company plans to offer users tokenized shares through blockchain-based “stock tokens.”
Ark Invest’s recent share sales signal both a strong crypto rally and a sign that institutional investors are taking cautious positions against rapid price movements in the market.
*This is not investment advice.
Read the full article here
