TOST - Cathie Wood's Ark Invest Dumps Over $1.4M Worth Of Coinbase Shares Amid Crypto Rally Buys More Robinhood | Benzinga
On Monday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency market, continuing its trend of selling shares of Coinbase Global Inc (NASDAQ:COIN). This decision comes amidst a buoyant period in the crypto world with the apex cryptocurrency, Bitcoin (CRYPTO: BTC), trading above the psychologically important $40,000 mark. The rally in cryptocurrencies has been fueled by a myriad of factors including pending spot Bitcoin ETF decisions.
Ark Invest offloaded over $1.4 million worth of Coinbase’s shares, while simultaneously increasing its stake in Robinhood Markets Inc (NASDAQ:HOOD).
The Coinbase Trade
Ark sold 10,218 Coinbase shares through its flagship ARK Innovation ETF (NYSE:ARKK) and Ark Fintech Innovation ETF (NYSE:ARKF). The trade was valued at $1.44 million. Coinbase shares closed nearly 5.5% higher at $141.09 on Monday.
Ark Invest’s decision to sell a substantial portion of its Coinbase shares reflects a strategic ...