ARK Invest Cathie Wood sells $35,5 million worth of Coinbase and Robinhood shares
The securities were removed from the portfolios of ARKK, ARKF, and ARKW funds
15.02.2024 - 14:10
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2 min
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What’s new? ARK Invest, an investment firm led by Cathie Wood, has sold $34 million and $1,5 million worth of stakes in crypto exchange Coinbase (COIN) and online broker Robinhood (HOOD), respectively. On February 14, 152 600, 31 459, and 30 009 securities were removed from the portfolios of ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW), respectively. ARKW sold 119 394 shares of Robinhood shares in the same day.
What else is known? ARK sold HOOD to comply with Rule 12d3-1, which prohibits spot exchange-traded funds (ETFs) from buying more than 5% of the value of their total assets in the securities of a registered investment advisor, broker, dealer, or underwriter.
ARK bought 42 129 shares of HOOD for about $490 000 on February 13 and another 120 020 shares for $1,3 million on February 7.
As of February 15, ARKW’s top holdings are Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood. COIN and ROKU account for 95% and 7,7% of the fund’s total holdings, while the ARK Bitcoin ETF accounts for 7,6%.
ARK 21Shares Bitcoin ETF (ARKB) bought another 1960 BTC on February 15. A total of 24 925 BTC ($1,3 billion at the time of writing) has been invested in the ARK spot bitcoin fund.
Spot BTC ETFs from BlackRock and Fidelity were among the top ten funds by fund flow in January
The total value of the two cryptocurrency products amounted to $4,8 billion
As of February 15, COIN shares are trading at $160,38 and HOOD shares are trading at $13,38.
On January 11, 26 301 COIN and 341 592 HOOD securities were removed from ARK Innovation ETF’s portfolio.
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