Cathie Wood’s Ark Invest sold $16 million worth of Coinbase shares last week

Quick Take

  • Cathie Wood’s Ark Invest offloaded 96,435 Coinbase shares last week — worth around $16 million.
  • Ark also sold $8.2 million worth of Robinhood shares over the past seven days.

Ark Invest offloaded 96,435 Coinbase shares across three of its exchange-traded funds last week, worth around $16 million, according to the company’s latest trade filing.

Of the total Coinbase shares sold over the past seven days, the investment management firm sold 54,307 shares ($9 million) from its Innovation ETF, 28,222 shares ($4.7 million) from its Next Generation Internet ETF, and 13,906 shares from its Fintech Innovation ETF ($2.3 million).

Ark has continued to rebalance its fund weightings amid a surge in COIN’s price, up more than 30% over the past month. However, COIN ended last week down more than 12%.

Coinbase stock traded for $165.98 at market close on Friday, down nearly 3% on the day, according to TradingView. The stock is up around 160% over the past year but remains more than 50% down from an all-time high of $342.98 set during the crypto bull market peak of November 2021.

 

COIN/USD price chart. Image: TradingView.

Ark’s latest sales come after Coinbase exceeded analysts’ forecasts for the fourth quarter, with the crypto exchange announcing revenues of $953.8 million, an increase from $629.1 million in the corresponding quarter of 2022.

Ark Invest sells $8.2 million worth of Robinhood shares

Ark Invest also sold 565,491 Robinhood shares last week — worth around $8.2 million — from its Next Generation Internet and Fintech Innovation funds.

Shares in the stock and crypto trading app closed at $14.48 on Friday, increasing more than nearly 8% for the week and 30% over the past month.

 

 

HOOD/USD price chart. Image: TradingView.

In January, Robinhood listed all the new U.S. spot bitcoin ETFs for clients with retirement and brokerage accounts.


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About Author

James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

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