Ark Invest’s Cathie Wood Dumps $52M in Coinbase and Robinhood Shares

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Ark Invest dumped a total of $52 million worth of shares from Coinbase and Robinhood combined in a strategic maneuver. This move comes amidst a notable rally in the digital asset market and its implications for the stocks of crypto firms.

In a major portfolio adjustment, Cathie Wood’s firm made headlines this week by divesting a substantial stake in major cryptocurrency exchanges Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD).

The Ark Invest Selling Strategy

The offloading commenced on Monday, February 26, when Ark Invest initiated its series of sales involving Coinbase shares, disposing of 35,509 shares with a total value of $6.9 million. Despite the notable rise in Coinbase stock that day, reaching a closing price of $193.94 and marking a 16.85% increase, Ark Invest persisted with its selling strategy.

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This trend persisted throughout the week, culminating in Ark Invest divesting a total of 216,035 COIN shares, equivalent to approximately $43.4 million in value by the end of the week. In early January, ARK Invest had similarly offloaded 166,183 shares, amounting to $25.3 million in value.

At the same time, the firm decreased its investment in Robinhood, divesting a significant portion of its shares for the week. On February 26, Monday, the company sold 444,853 shares of Robinhood, amounting to almost $6.9 million.

Despite the stock’s positive performance that day, closing 7.7% higher at $15.59, Ark Invest persisted in reducing its stake, ultimately selling 548,619 Robinhood shares valued at around $8.6 million by week’s end.

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Exuding Market Confidence

The Cathie Wood’s firm recent move to sell off substantial portions of its investments in Coinbase and Robinhood prompts inquiries into the firm’s confidence in these companies amid market fluctuations.

Despite Coinbase’s established status in the cryptocurrency realm and Robinhood’s pioneering efforts in financial inclusivity, the firm seems to be reevaluating its investment rationale.

Cathie Wood’s Strategy in a Volatile Market

Cathie Wood and her team’s strategic shift may reflect a commitment to enhancing their investment strategy amid volatile market trends. However, it comes as a surprise to some analysts given Cathie’s optimistic stance on Bitcoin outlook after its next halving in a recent interview.

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