ARK Invest Cathie Wood sells $8,7 million worth of Coinbase and Robinhood shares

Securities have been removed from ARK Innovation ETF’s portfolio

12.01.2024 - 10:02

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3 min

What’s new? ARK Invest, an investment firm led by Cathie Wood, had sold $4,4 million and $4,3 million worth of stakes in crypto exchange Coinbase (COIN) and online broker Robinhood (HOOD), respectively. For example, on January 11, 26 301 securities of COIN and 341 592 securities of HOOD were removed from ARK Innovation ETF’s portfolio.

The Block’s material

What else is known? As of January 12, shares of COIN are trading at $141,16 (-6,70%) and HOOD is trading at $11,71 (-3,54%). The fall in the value of the securities occurred amid the start of trading in shares of spot bitcoin exchange-traded funds (ETFs) in the United States. Coinbase acts as custodian for 8 of the 11 currently approved BTC ETFs, while Robinhood has begun offering fund shares to clients with retirement and brokerage accounts.

ARK Invest moved to actively sell COIN in early December, when the share price reached its highest level since April 2022 at $140,2. By December 6, ARK had already sold $49,7 million worth of COIN from the portfolios of three ETFs focused on companies in the financial technology sector.

By December 13, COIN had risen to its highest level since March 2022 ($150,46), on which day ARK sold $42,6 million worth of securities overnight.

Coinbase top executives and ARK Invest sell $73 million worth of COIN shares per week

The value of the exchange’s securities has grown by 408% since the beginning of the year

On December 28, another 148 885 shares of Coinbase were removed from ARK Next Generation Internet ETF (ARKW)’s portfolio, valued at about $27,58 million.

ARK Invest itself partnered with 21Shares to launch a spot BTC ETF under the ticker ARKB on the CBOE stock exchange. The trading volume of ARKB shares on the first day approached $6 million, according to Yahoo Finance.

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