- Wood’s investment management firm, Ark Invest, executes its sixth sale of COIN shares as the price of COIN continues its massive recovery in the crypto market.
- According to transactions seen by COINOTAG, Cathie Wood’s Ark Invest funds purchased 10,218 Coinbase (COIN) shares worth $1.4 million.
- Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares valued at $5 million on November 27 and sold 37,377 COIN shares on November 29.
Bitcoin
Cathie Wood’s ARK Company is Selling COIN Shares
Cathie Wood’s investment management firm, Ark Invest, is executing its sixth sale of COIN shares as the price of COIN continues its massive recovery in the crypto market. Meanwhile, various funds of Ark Invest continue to buy shares of Robinhood Markets (HOOD), expecting significant moves.
According to transactions seen by COINOTAG, Cathie Wood’s Ark Invest funds purchased 10,218 Coinbase (COIN) shares worth $1.4 million. The move comes during a period when Ark Invest is continuing to sell COIN shares, and the price has reached a 19-week high.
ARK Innovation ETF (ARKK) sold 7,248 Coinbase shares, and ARK Fintech Innovation ETF (ARKF) sold 2,970 COIN shares. The closing price of Coinbase (COIN) shares on Monday was 5.48% higher at $141.09, having reached another high of $146.30 the previous day. The price increased by 16% in a week and 63% in a month.
On November 30, ARK Next Generation Internet ETF (ARKW) sold 37,377 COIN shares. Additionally, Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares valued at $5 million on November 27 and sold 37,377 COIN shares on November 29. Cathie Wood’s Ark Invest sold over 30,000 COIN shares last month. The crypto market rally has improved the performance of Ark Invest funds. As long as market sensitivity remains high, the crypto market rally is likely to continue.
Is Cathie Wood Turning to Robinhood?
Cathie Wood continues to buy shares of the company Robinhood (HOOD) by selling many crypto shares. Last week, Robinhood announced plans to expand into the United Kingdom to capture market share. The company saw a 75% increase in November due to expectations of a spot Bitcoin ETF.
ARK Fintech Innovation ETF (ARKF) purchased 14,702 Robinhood shares, increasing the price by 15% in a week. The HOOD price rose 2.47% to $9.55 at the closing but increased by 4.40% after market hours. The price is expected to open higher on Tuesday.
Cathie Wood mentioned that the Department of Defense adopting Bitcoin as a ‘balancing strategy’ is “significant evidence” for Bitcoin due to its potential use in cyber warfare and defense.
Source: https://en.coinotag.com/bitcoin-supporter-cathie-woods-company-sells-coinbase-shares-and-invests-in-this-stock/