Ark Invest Stacks Robinhood Shares Amid GBTC Offload

Cathie Wood’s Ark Invest has been at the forefront of the cryptocurrency revolution, making strategic investments in various digital assets and related companies. However, in response to the surging value of Bitcoin (BTC) and other cryptocurrencies, the firm decided to reduce its exposure to Grayscale Bitcoin Trust (GBTC) and Coinbase while simultaneously acquiring 93,297 shares of Robinhood Markets (HOOD).

The divestment from GBTC and Coinbase consisted of selling 94,624 shares of Coinbase, worth about $3 million, and 36,168 shares of GBTC. This substantial transaction amounted to a total value of $5.8 million. Notably, these sales were executed through Ark Invest’s Next Generation Exchange Traded fund (ETF), showcasing the adaptability of Wood’s investment strategies across various ETFs.

Ark Invest Shows Confidence in Robinhood Markets

Interestingly, Ark Invest displayed confidence in the potential of Robinhood Markets by acquiring its shares.

The decision to invest in Robinhood indicates a strategic reallocation of resources in response to perceived growth potential. As a firm known for its forward-looking approach, Ark Invest is positioning its portfolio to leverage the evolving landscape of digital assets and financial technology.

Recall that just yesterday, Ark Invest offloaded 201,047 GBTC shares, valued at approximately $6 million. Also, data revealed that over 700,000 shares of Bitcoin Trust have been offloaded from this particular fund in the last couple of weeks. 

Ark Invest’s Interest in Meta Platform and Robinhood Shares

In addition to the COIN and GBTC sell-off, Cathie Wood’s Ark Invest has shown keen interest in the acquisition of Meta Platforms (META) and Robinhood (HOOD) shares. As reported by TheCoinRise, Ark Invest’s decision to reduce its exposure to Coinbase shares indicates a shift in investment strategy, potentially reflecting concerns about the company’s long-term outlook or a desire to reallocate funds to other opportunities.

So far, Ark Innovation ETF (ARKK) has acquired 69,793 META shares, while Ark Fintech Innovation ETF (ARKF) acquired 111,843 Robinhood shares. Additionally, Ark Next Generation Internet ETF (ARKW) expanded its holdings by purchasing 12,559 META and 169,116 HOOD shares.

Financial Sector Awaits Spot Bitcoin ETF Approval

Notably, this comes as the entire crypto industry as well as the traditional financial sector waits on the United States Securities and Exchange Commission (SEC) for its decision on the twelve spots Bitcoin ETF applications that were filed by BlackRock, Invesco, Valkyrie, VanEck, WisdomTree, Grayscale, and even ARK 21Shares. It is worth noting that the regulator has yet to approve any spot Bitcoin ETFs before now.

As expectations keep building around the potential BTC ETF approval, the price of the flagship cryptocurrency is responding positively.