ARK Invest Unloads 5.26 Million Dollars Worth of Coinbase Shares as Stock Achieves 19-Month Peak

Crypto News– Cathie Wood’s ARK Invest made a notable move on Monday, selling approximately $5.26 million worth of Coinbase (COIN) shares as the cryptocurrency exchange surged to a 19-month closing high. This transaction occurred on a day when COIN reached $119.77 on the Nasdaq market, marking its highest closing price since April 2022. Notably, this sale is the largest since July 25, when the ARK Next Generation Internet ETF divested over 53,000 COIN shares, albeit at a lower price and for a lower total value.

ARK Invest Unloads 5.26 Million Dollars Worth of Coinbase Shares as Stock Achieves 19-Month Peak

In a strategic shift, the Ark Fintech Innovation ETF, managed by ARK Invest, not only sold Coinbase shares but also made a significant purchase. The ETF acquired 143,063 shares of the trading platform Robinhood (HOOD), amounting to a value of $1.2 million at Monday’s closing price, as stated in an emailed statement. This marks ARK Invest’s fifth purchase of HOOD shares this month.

ARK Invest’s approach often involves accumulating shares of cryptocurrency-related companies during periods of downward trends and strategically divesting as the outlook becomes more bullish, allowing them to capitalize on profits. The recent moves with Coinbase and Robinhood shares reflect ARK Invest’s dynamic strategy in navigating the ever-changing landscape of the financial markets.