In response to the recent surge in Coinbase and Robinhood stock prices, Cathie Wood’s ARK has strategically sold shares to rebalance its portfolios.
Cathie Wood’s ARK continued its selling trend of Coinbase shares, shedding 34,261 COIN valued at $5.5 million across its Innovation ETF and Next Generation Internet ETF.
This decision comes as Coinbase‘s stock achieved new yearly highs, trading at $161.16, reflecting a 5% increase for the day, a remarkable 66% surge over the past month, and an impressive 342% year-to-date growth. However, the stock remains approximately 53% below its all-time high from November 2021.
This marks ARK’s ongoing effort to rebalance its fund weightings, with last week witnessing the disposal of $59 million in Coinbase shares. Simultaneously, ARK divested 121,100 Robinhood shares, amounting to $1.6 million from its Fintech Innovation ETF.
The move followed ARK’s investment of $3.3 million in HOOD ahead of Robinhood’s crypto trading app launch in Europe. Despite Robinhood stock closing at $13.17, indicating a 10% daily increase and notable growth over the past month and year, it is still down by approximately 76% from its August 2021 peak.
Source: https://crypto.news/ark-sells-coinbase-robinhood-shares-amid-impressive-stock-growth/