ARK Invest Unloads $5.26M in Coinbase Shares Amid 19-Month Price Peak

On Monday, the Ark Fintech Innovation ETF, managed by ARK Invest under the leadership of Cathie Wood, implemented a series of calculated transactions. These actions included the sale of 43,956 shares of Coinbase (COIN) and the acquisition of Robinhood (HOOD) stock amounting to $1.2 million.

Coinbase (COIN) witnessed a notable upswing, achieving a 19-month closing high at $119.77 on the Nasdaq market. In response to this surge, ARK Invest decided to divest approximately $5.26 million worth of COIN shares. This move coincided with COIN attaining its highest closing price since April 2022. Noteworthy is the fact that this sale marked the most substantial transaction since July 25, when the ARK Next Generation Internet ETF sold over 53,000 COIN shares, albeit at a lower price and for a reduced total value.

Simultaneously, the Ark Fintech Innovation ETF embarked on a different trajectory, acquiring 143,063 shares of the trading platform Robinhood (HOOD). This strategic move amounted to $1.2 million at the closing price on Monday, as conveyed in an emailed statement. Remarkably, this marked the fifth occasion within the month that ARK Invest had purchased HOOD shares.

ARK Invest has consistently demonstrated a strategic pattern of accumulating shares in crypto-related entities during periods of market downturns. Subsequently, the firm strategically divests these holdings when they exhibit a more optimistic outlook, enabling the company to capitalize on profits. This recent set of maneuvers in the cryptocurrency market underscores ARK Invest's dynamic and adaptive approach to navigating the ever-evolving landscape of fintech investments.

Read More: Cryptocurrency Markets Weather Storm as Digital Asset Investments Face Sixth Consecutive Week of Outflows