ZM - Cathie Wood's Ark Invest Unloads Coinbase And Robinhood Shares Amid Crypto Volatility | Benzinga
On Tuesday, Cathie Wood-led Ark Invest made significant moves in the stock market, notably selling shares of Coinbase Global Inc (NASDAQ:COIN) amidst a turbulent cryptocurrency market. This decision reflects the firm’s strategic adjustments in response to the current economic landscape.
Notably, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), two of the largest cryptocurrencies were trading lower amid $116 million worth of liquidations.
The Coinbase Trade
Ark sold 34261 Coinbase shares on Tuesday through its flagship ARK Innovation ETF (NYSE:ARKK) and also the ARK Next Generation Internet ETF (NYSE:ARKW). The transactions were valued at nearly $5.5 million. For the day, Coinbase shares closed 5.04% higher at $161.16.
Ark Invest’s decision to sell shares of Coinbase Global comes at a time when the cryptocurrency market is increasingly volatile. According to recent reports, this move aligns with Wood’s broader strategy of navigating through the crypto sector.
The Robinhood Trade
Regarding the sale ...