Cathie Wood’s Ark Invest resumed selling Coinbase shares yesterday, with the two funds selling 34,261 COIN ($5.5 million) as the stock hit a yearly high, according to the company’s latest trading filing.
Ark sold 28,638 shares ($4.6 million) from the Innovation ETF and 5,623 shares ($906,000) from the Next Generation Internet ETF, continuing to rebalance the fund’s weights amid a surge in COIN stock over the past month. Ark also sold $59 million worth of Coinbase stock last week.
Coinbase shares were trading at $161.16 at market close yesterday, up about 5% for the day, 66% over the past month, and 342% year-to-date, according to TradingView, hitting their highest since April 2022. However, the stock is down about 53% from its all-time high of about $343 in November 2021.
COIN/USD price chart. Image: TradingView.
Coinbase is currently valued at $28.5 billion, according to The Block’s data dashboard.
Ark sells $1.6 million worth of Robinhood stock
Ark also sold 121,100 shares of Robinhood stock, worth $1.6 million, in the Fintech Innovation ETF on Tuesday, and previously bought $3.3 million worth of HOOD ahead of the launch of the fintech company’s cryptocurrency trading app in Europe this month.
Robinhood stock was trading at $13.17 at market close yesterday, according to TradingView. This is up 10% on the day, 65% over the past month, and 59% year-to-date, hitting a new 2023 high. However, the stock is still down about 76% from its August 2021 high of $55.
HOOD/USD price chart. Image: TradingView.
Robinhood’s cryptocurrency trading app launched in the European Union on December 7 and has more than 25 coins and tokens available to investors, including Bitcoin, Ether, and Solana.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.