VCYT - Cathie Wood's Ark Invest Offloads $6.9M Worth of Coinbase Robinhood Shares Each Amid Searing Bitcoin Rally — Nvidia Stock Also Shed | Benzinga
On Monday, Cathie Wood-led Ark Invest adjusted its portfolio, notably selling shares of cryptocurrency-related companies such as Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:COIN), amidst a significant rally in Bitcoin (CRYPTO: BTC) which soared past the $56,000 mark. This decision comes at a time when the cryptocurrency market cap has surged past $2 trillion, highlighting a pivotal moment for investors.
The Coinbase Trade
Ark sold a total of 35,509 Coinbase shares through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $6.9 million. On Monday, Coinbase shares rallied 16.85% to $193.94 in regular trading and shot up another 1.8% in the after-hours trading.
Previously, ARK Invest CEO Wood praised Coinbase’s fourth-quarter earnings, citing its regulatory compliance and competitive advantage. Despite earlier selling, Wall Street showed renewed interest after the earnings exceeded expectations, although Ark Invest subsequently sold a significant portion of its Coinbase holdings. She had said at the time that Coinbase was “in the right place at the right time.”
The Robinhood Trade
The firm also sold 444,853 Robinhood shares through ARK Next Generation Internet ETF (NYSE:ARKW) and ...