Ark Invest has made another $5.5 million sale of Coinbase (COIN) shares. Not only that, Cathie Wood’s investment management company has also decided to liquidate $1.6 million in Robinhood (HOOD) shares.
Ark Invest and the sale of additional Coinbase (COIN) shares for $5.5 million
Ark Invest has resumed selling Coinbase shares (COIN), this time for a value of $5.5 million.
“Ark Invest resumes selling Coinbase, unloading another $5.5 million in COIN”
Cathie Wood’s investment management company sold another 34,261 Coinbase shares yesterday, just as COIN reached its yearly highs.
Specifically, the funds of the company Ark Invest that have liquidated these stocks are Innovation ETF and Next Generation Internet ETF.
It’s no wonder, then, that Cathie Wood is nicknamed the rockstar of investments. In fact, looking at the annual chart of COIN, its price is now up +379% compared to a year ago.
This current sale was executed with COIN at $161.16 at yesterday’s market close, Tuesday, December 19th.
This price is 5% higher than the previous day and 15% higher than five days ago. However, at the moment, the same price is still far from its historical high reached in November 2021, when COIN was worth $343.
Ark Invest and the sales of COIN shares by Coinbase in December
In this month, Ark Invest has made more than one sale of COIN, riding the wave of Coinbase’s stock price bull run.
On December 13th, for example, Ark Invest liquidated a total of 43 million dollars of COIN shares, as their third sale in just one week.
Not by chance, on the previous Monday and Tuesday, Cathie Wood’s company sold Coinbase shares for a total of another 13.4 million dollars.
In one week, therefore, Ark Invest would have liquidated more than $56 million which, in addition to the current $5.5 million, amounts to a total of approximately $61.5 million.
The sale of Robinhood (HOOD) shares
In conjunction with yesterday’s COIN sales, Ark Invest also sold another 121,100 Robinhood (HOOD) shares worth $1.6 million.
The sale was executed by its ETF Fintech Innovation, after previously purchasing a whopping $3.3 million worth of HOOD from various of its Funds.
The investment in Robinhood comes to support the fintech company in the launch of its new crypto-trading app in Europe, which happened exactly this month.
Even here, Cathie Wood follows the strategy of selling stocks when they are in a bull run. And in fact, the price of HOOD is up +10% in the last 24 hours, +13% compared to 5 days ago, and almost +62% compared to a month ago, when the app had not yet been launched.
Source: https://en.cryptonomist.ch/2023/12/20/ark-invest-continues-with-another-5-5-million-sale-of-coinbase-coin-shares/