Cathie Wood’s Ark Invest sold an additional $4.94 million worth of Coinbase stock on Wednesday, selling 38,668 COINs, following the $5.3 million Coinbase stock it sold on Monday. That’s over $10 million in one week. Ark also purchased an additional 221,759 shares of Robinhood stock worth $1.97 million for the Ark Fintech Innovation ETF. This is in addition to the 143,063 shares of Robinhood stock, worth $1.2 million, that Ark added to the fund on November 27.
Coinbase stock is currently trading at $127.35 in pre-market trading, according to TradingView. It rose more than 20% this week and more than 250% compared to the beginning of the year, reaching the highest level in 18 months. However, the stock price is still down more than 60% from its all-time high of $342.98 in November 2021.
COIN/USD price chart. Image: TradingView.
Robinhood stock was priced at $9.08 in pre-market trading, up 11% this week and 8% so far this year. The stock is still down more than 80% from its August 2021 high of $55.01, according to TradingView.
HOOD/USD price chart. Image: TradingView.
Robinhood’s UK launch and EU expansion
Ark Invest bought more than $3 million worth of Robinhood shares this week, coinciding with the fintech app’s international debut with commission-free stock trading in the UK, Bloomberg reported today. The company will begin onboarding customers gradually, with the service ready to be “ready available” in 2024.
“We want to help lower fees for all customers in the UK, just like we did in the US right before COVID 2019,” Robinhood CEO Vlad Tenev told Bloomberg.
As The Block previously reported, Robinhood is expanding its cryptocurrency trading services to the European Union in the coming weeks amid the fintech company’s disappointing third-quarter results.
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