Cathie Wood’s Ark Invest made significant adjustments to its portfolio this week, notably divesting shares of major crypto exchanges. The firm offloaded a massive stake in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD) this week. The move comes amid a rally in the digital asset market and its impact on the crypto firm stocks.

Cathie Wood’s Ark Invest Offloads $43.4 Million Worth Of Coinbase Shares

On Monday, February 26, Ark Invest initiated its selling spree of Coinbase shares, offloading 35,509 shares valued at $6.9 million. Despite the surge in Coinbase stock that day, closing at $193.94, gaining 16.85%, Ark Invest remained steadfast in its decision.

Furthermore, on Tuesday, February 27, the firm sold 46,531 Coinbase shares valued at $9.3 million, with the stock closing 2.7% higher at $199.22. The selling continued on Wednesday, February 28, as Ark Invest dumped 86,298 Coinbase shares worth $17.32 million, while the stock closed at $200.80, gaining 0.79%.

On Thursday, February 29, the organization divested 9,843 Coinbase shares, equivalent to $1.94 million, as the stock gained 1.37% and closed at $203.56. The week concluded with Ark Invest offloading 38,854 Coinbase shares on Friday, March 1, valued nearly at $8 million, with the stock closing at $205.77, up by 1.09%. Hence, the week’s dump amounts to 216,035 COIN shares worth about $43.4 million.

Also Read: How To Invest Like Cathie Wood? 6 Essential Tips

Nearly 550,000 Robinhood Shares Offloaded Amid Rally

In addition to Coinbase, Ark Invest also divested a substantial portion of its Robinhood shares throughout the week. On Monday, February 26, the firm sold 444,853 Robinhood shares, totaling nearly $6.9 million, with the stock closing 7.7% higher at $15.59. Despite the positive performance, Ark Invest continued to reduce its exposure to Robinhood, selling 95,808 shares on Tuesday, February 27, worth around $1.55 million. That day, the stock closed at $16.25, up by 4.23%.

Furthermore, on Thursday, February 29, the organization dumped 7,958 Robinhood shares worth $129,800, with the HOOD stock closing at $16.31, up by 1.11%. Throughout the week, the Cathie Wood-led Ark Invest divested a total of 548,619 Robinhood shares, totaling approximately $8.6 million.

Ark Invest’s decision to offload significant portions of its Coinbase and Robinhood holdings raises questions about its outlook on the companies amidst market volatility. Despite Coinbase’s favorable positioning in the cryptocurrency market and Robinhood’s innovative approach to democratizing finance, Ark Invest appears to be reassessing its investment thesis. This strategic turn may reflect Cathie Wood and her team’s commitment to enhance their investment strategy amid evolving trends.

Also Read: Coinbase, MicroStrategy Shares Rally As PCE Inflation Cools 2.4%

The post Cathie Wood’s Ark Invest Offloads $52 Mln Coinbase & Robinhood Shares In A Week appeared first on CoinGape.

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