Cathie Wood’s Ark Invest Offloads $52 Mln Coinbase & Robinhood Shares In A Week

In a strategic move, Cathie Wood’s Ark Invest has divested a substantial stake in Coinbase and Robinhood amid this week’s crypto market rally.

Ark Invest, led by Cathie Wood, made significant adjustments to its portfolio, notably offloading shares of major crypto exchanges. The firm divested a massive stake in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD) this week, reflecting its response to the ongoing rally in the digital asset market.

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Ark Invest initiated its selling spree of Coinbase shares on Monday, February 26, selling 35,509 shares valued at $6.9 million. Despite Coinbase’s surge that day, Ark Invest remained steadfast in its decision. The selling continued through the week, with significant shares being offloaded on Tuesday, Wednesday, Thursday, and Friday, totaling 216,035 COIN shares worth about $43.4 million.

Additionally, Ark Invest divested a substantial portion of its Robinhood shares throughout the week. On Monday, February 26, the firm sold 444,853 Robinhood shares, totaling nearly $6.9 million. The selling continued, with a total of 548,619 Robinhood shares being divested, totaling approximately $8.6 million.

Ark Invest’s decision to offload significant portions of its Coinbase and Robinhood holdings reflects its reassessment of investment strategies amidst market volatility. Despite the favorable positioning of Coinbase in the cryptocurrency market and Robinhood’s innovative approach, Ark Invest appears to be adjusting its investment thesis in response to evolving trends.