Cathie Wood’s ARK Invest Sells Coinbase and Robinhood Shares
ARK Invest, a leading US investment firm with a focus on cryptocurrency, recently made significant changes to its portfolio.
On February 14th, ARK sold 214,068 shares of Coinbase (COIN) and 119,394 shares of Robinhood (HOOD) from its ETFs, totaling approximately $34 million.
The move coincided with Coinbase reaching its highest levels in 2024, surpassing $160 for the first time since early January.
ARK’s decision to sell Coinbase shares comes as the stock approaches its previous peak of $173 set in November 2023.
Additionally, ARK’s ARKW fund sold around $1.5 million worth of Robinhood shares on February 14th.
The sale of Robinhood shares was influenced by compliance considerations, particularly Rule 12d3-1, which limits ETFs from holding more than 5% of their assets in securities from a single issuer.
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As of February 15th, ARKW’s major holdings include Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood.
ARK’s Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB), expanded its Bitcoin holdings by acquiring an additional 1,960 BTC on February 15th, surpassing its initial holdings on the first day of trading.
ARK’s Bitcoin ETF has now allocated a total of 24,925 BTC, valued at $1.3 billion based on current Bitcoin prices.
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.
