The selloff of Coinbase and Robinhood shares by Cathie Wood’s asset investment firm Ark Invest keeps going, with no imminent signs of a slowdown in the selling spree. Ark Invest funds again pared holdings in Coinbase (COIN) and Robinhood (HOOD) shares worth millions despite the sky-high positive sentiment because of bull market and approaching Bitcoin halving.

Coinbase and Tesla shares are the largest holdings in Cathie Wood’s funds, as per data by Ark Invest. Ark Invest CEO Cathie Wood has revealed in a Reddit AMA that its Coinbase share sale is not dumping but active portfolio management.

Cathie Wood’s Ark Invest Sells in Coinbase and Robinhood

Cathie Wood’s Ark Invest sold a total of 95,284 Coinbase shares worth nearly $23 million this week, as per trades seen by CoinGape. Also, the funds have sold 1,589,381 Robinhood shares worth nearly $30 million.

On April 1, Ark Innovation ETF (ARKK) sold 6255 COIN shares and 449,518 HOOD shares, Ark Next Generation Internet ETF (ARKW) offloaded 775 Coinbase shares and 161,261 Robinhood shares, and Ark Fintech Innovation ETF (ARKF) sold 53,017 HOOD shares.

On April 4, Ark Innovation ETF (ARKK) sold 22,690 COIN shares and Ark Next Generation Internet ETF (ARKW) offloaded 2,972 Coinbase shares.

On April 5, Ark Innovation ETF (ARKK) sold 52,292 COIN shares and 695,995 HOOD shares, Ark Next Generation Internet ETF (ARKW) offloaded 10,320 Coinbase shares and 197,757 Robinhood shares, and Ark Fintech Innovation ETF (ARKF) sold 31,833 HOOD shares.

Coinbase (COIN) price closed 3.49% lower to $240.90 on Friday, but recovered 0.71% after market hours. The performance of Coinbase shares was low this week as the price fell 7.94%.

HOOD price fell 7.58% this week. Robinhood Markets stock price closed 0.27% lower at $18.40 on Friday, with a 0.33% more fall after market hours.

Also Read: Binance, BinanceUS, CZ Resolve All Discovery Disputes With US SEC, Here’s What Next

Cathie Wood Goes Massive Bullish on Tesla

On April 1, ARK Innovation ETF (ARKK) purchased 62,100 Tesla shares and ARK Next Generation Internet ETF (ARKW) buys 22,064 TSLA shares.

On April 2, ARK Innovation ETF (ARKK) purchased 182,052 Tesla shares, ARKQ buys 10,202 TSLA, and ARK Next Generation Internet ETF (ARKW) buys 42,744 TSLA shares.

On April 5, ARK Innovation ETF (ARKK) purchased 109,206 Tesla shares and ARK Next Generation Internet ETF (ARKW) buys 24,769 TSLA shares.

TSLA price closed 3.63% lower at $164.90 on Friday. Elon Musk’s Tesla stock price has dropped 6.39% this week.

Cahie Wood about the Tesla Q1 P&D Report and PT

Interviewer” You’ve been buying (Tesla)!”

Cathie “Yes, We were selling when it was around 400 and 350, when its been cut in half, down 60% is not the time to run to the hills, if you believe and we also believe Tesla is going to… pic.twitter.com/CmkT0SjsuC

— Alex (@alex_avoigt) April 3, 2024

Also Read: BTC Price to Hit $70K This Week

The post Cathie Wood’s Ark Bullish on Tesla, Sells $53M in Coinbase & Robinhood This Week appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am