- Ark Invest sold over $5 million worth of Coinbase shares this week, continuing to trim its position amid Coinbase’s recent share price surge.
- Ark also sold $1.6 million in Robinhood stock, similarly reducing exposure after buying ahead of Robinhood’s European launch.
- Both Coinbase and Robinhood reached new 2023 highs this week, with Coinbase up 66% and Robinhood up 65% in the past month.
Cathie Wood’s Ark Invest has resumed selling Coinbase shares this week, offloading over $5 million worth on Tuesday. This comes after Ark sold $9 million in COIN last week. The asset manager also disposed of Robinhood stock worth $1.6 million amid a surge in both companies’ share prices over the past month.
Ark Sells $5 Million More Coinbase Stock
Ark Invest sold 34,261 Coinbase shares worth around $5.5 million from two of its funds on Tuesday. This included 28,638 COIN worth $4.6 million from its Innovation ETF and 5,623 ($906,000) from its Next Generation Internet ETF.
Coinbase stock hit new highs for 2023 yesterday, trading at $161.16 at market close. This is up 66% over the past month, though still 53% down from its all-time high in 2021. According to The Block’s data, Coinbase currently has a market cap of $28.5 billion.
Robinhood Shares Also Offloaded
In addition to Coinbase, Ark Invest sold 121,100 Robinhood shares worth $1.6 million on Tuesday from its Fintech Innovation ETF.
Robinhood shares likewise reached new 2023 highs yesterday, trading at $13.17. This is up 65% in the past month, though remains 76% below its peak in August 2021.
Robinhood launched its crypto trading app in the EU earlier this month. The platform currently supports over 25 digital assets including Bitcoin, Ether and Solana.
Conclusion
Ark Invest continues to rebalance its holdings by selling Coinbase stock amid the recent surge in its price. It also trimmed its Robinhood position after buying shares ahead of the company’s European expansion. This selling comes despite both stocks climbing to new highs in 2023 this week.
