Cathie Wood’s Ark Invest Sells $7M Shares Each in Coinbase, Robinhood
ARK Invest, the asset management firm and Bitcoin exchange-traded fund (ETF) issuer led by Bitcoin advocate Cathie Wood, has sold a significant amount of Coinbase, Robinhood, and Nvidia stocks.
According to Ark Invest Daily’s Feb. 26 reveals, the ARK Innovation ETF (ARKK) sold 35,509 Coinbase (COIN) shares worth $6.89 million based on its closing price at $193.94.
Cathie Wood and Ark Invest's trade activity from today 2/26 pic.twitter.com/77xuaNw2my
— Ark Invest Daily (@ArkkDaily) February 27, 2024
Coinbase, on the other hand, surged from its opening price of $168.66 of the day, briefly touched the $193 level and marked an eventual gain of 16.85% in one day.
The divestment of Coinbase holdings signified a continuation of its previous selling of $34.3 million from ARKK, ARKF, and ARKW earlier in February.
Over the past month, Coinbase has soared a significant 46% from $132.82 to its current level.
In addition, the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) sold 444,853 Robinhood (HOOD) shares combined worth $6.94 million based on the closing price at $15.59.
Other considerable trading activities included the 2,724 Nvidia (NVDA) shares worth $2.15 million sold by the ARK Genomic Revolution ETF (ARKG).
Ark Invest’s “Big Ideas” recently published an analysis of a potential pathway for Bitcoin price to reach $2.3 million.
Brett Winton, Ark’s Director of Research, suggested that historically, an allocation of about 0.5% to 4.8% of an investor’s portfolio in Bitcoin could have yielded the best returns over a five-year period.
The report indicated that a minor global investment of just 1% from the $250 trillion in investable assets into Bitcoin could push its price to $120,000. A more substantial
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