Cathie Wood’s Ark Invest made substantial modifications to its portfolio this week, notably divesting shares of major crypto exchanges. The firm sold a massive stake in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD) this week. The move comes amid a surge in the digital asset market and its impact on the crypto firm stocks.
Coinbase Stock Price: Cathie Wood’s Ark Invest Sold
On Monday, February 26, the company initiated its selling spree of Coinbase shares, liquidating 35,509 shares valued at $6.9 million. Despite the upswing in the stock of the company that day, concluding at $193.94, gaining 16.85%, Ark Invest remained resolute in its decision. Furthermore, on Tuesday, February 27, the firm sold 46,531 Coinbase shares valued at $9.3 million, with the stock concluding 2.7% higher at $199.22. The selling persisted on Wednesday, February 28, as Ark Invest sold 86,298 Coinbase shares worth $17.32 million, while the stock concluded at $200.80, gaining 0.79%.
On Thursday, February 29, the organization divested 9,843 Coinbase shares, equivalent to $1.94 million, as the stock gained 1.37% and concluded at $203.56. The week concluded with Ark Invest offloading 38,854 Coinbase shares on Friday, March 1, valued nearly at $8 million, with the stock concluding at $205.77, up by 1.09%. Hence, the week’s sold amounts to 216,035 COIN shares worth about $43.4 million.
Robinhood Stock Price: 550,000 HOOD Shares Sold Amid Rally
Nearly 550,000 Robinhood Shares Unloaded Amid Rally In Addition to Coinbase, Ark Invest also 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, with the stock concluding 7.7% higher at $15.59. Despite the positive performance, Ark Invest continued to diminish its exposure to Robinhood, selling 95,808 shares on Tuesday, February 27, worth around $1.55 million. That day, the stock concluded at $16.25, up by 4.23%.
Furthermore, on Thursday, February 29, the organization sold 7,958 Robinhood shares worth $129,800, with the HOOD stock concluding at $16.31, up by 1.11%. Throughout the week, the Cathie Wood-led Ark Invest divested a total of 548,619 Robinhood shares, totaling approximately $8.6 million.
The Aftermath
Ark Invest’s decision to sell significant portions of its Coinbase and Robinhood holdings raises questions about its outlook on the companies amidst market volatility. Despite Coinbase’s favorable positioning in the cryptocurrency market and Robinhood’s innovative approach to democratizing finance, Ark Invest appears to be reassessing its investment thesis. This strategic turn may mirror Cathie Wood and her team’s dedication to enhancing their investment strategy amid evolving trends.
