Ark Invest Sells Off Coinbase and Robinhood Shares
Ark Invest, led by Cathie Wood, executed significant divestments this week, selling off approximately $122 million worth of shares in Coinbase (COIN) and Robinhood (HOOD).
This decision coincided with both companies’ stocks reaching fresh 52-week highs. However, Friday saw a notable downturn in both COIN and HOOD stocks, coinciding with Ark Invest’s largest divestment.
On March 22, Cathie Wood’s organization sold around $55.60 million worth of COIN stock. The ARK Innovation ETF (ARKK) witnessed a substantial sell-off of 151,271 Coinbase shares, amounting to $38.65 million. Additionally, the ARK Next Generation Internet ETF (ARKW) divested 60,332 COIN shares valued at $15.41 million. Ark Fintech Innovation ETF (ARKF) also participated in the divestment, selling 6,007 Coinbase shares worth $1.53 million. This followed Ark Invest’s $52.27 million divestment from Coinbase on March 21, which included the sale of 133,533 COIN shares from ARKK and 59,125 shares from ARKW, along with 6,778 shares from ARKF. The week started with Ark Invest selling 30,458 Coinbase shares worth $7.29 million on Monday.
Overall, the weekly divestment totaled $115.16 million. On Friday, COIN stock dropped 2.48% to close at $255.51, following a 1.99% surge on Thursday, closing at $262.00.
READ MORE: Robert Kiyosaki vs. Peter Schiff: Clash Over Bitcoin Sparks Debate
Ark Invest also sold $5.76 million worth of HOOD stock on Friday. This included a significant offload of 229,586 Robinhood shares worth $4.20 million from ARKK, along with 50,711 shares worth over $928,000 from ARKW, and 34,492 shares valued at over $631,000 from ARKF. The organization divested 96,003 shares of Robinhood from ARKW on March 21, totaling $1.77 million in sales for the week. Amidst the sell-off, HOOD stock declined by 4.14% to close at $18.30 on Friday, while on Thursday, it experienced a 2.86% gain, closing at $19.09.
Cathie Wood’s decision to divest from Coinbase and Robinhood aligns with her short-term bearish outlook on crypto stocks. Consequently, Ark Invest has opted for a selling spree of these stocks, while also considering investment opportunities such as the Reddit IPO.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
