![Ark Invest sells Coinbase stock, buys Robinhood amid cryptocurrency rally](https://i-invdn-com.investing.com/news/LYNXMPED990HX_L.jpg)
© Reuters.
NEW YORK – Ark Investment Management, led by CEO Cathie Wood, has been actively adjusting its portfolio in response to cryptocurrency market movements and broader fintech trends. In a change of strategy, Ark divested 10,218 shares of cryptocurrency exchange Coinbase (NASDAQ:) from ARKK and ARKF ETF on Monday, realizing about $1.44 million in Bitcoin timeframe surpassed the $40,000 mark and investors are eagerly awaiting a decision on a spot Bitcoin ETF.
The sale came as Coinbase shares hit a high of $146.30 before closing at $141.09 on Monday. The move comes after Ark sold more than 118,000 Coinbase shares in late November through ARKW and ARKF, signaling a nuanced approach to the company’s crypto asset investments during the recovery period. market recovery.
At the same time, Ark Invest demonstrated its confidence in the fintech sector by purchasing 14,702 shares of Robinhood. The exchange’s share price hit $9.55 and was poised for further gains after announcing a 4.40% increase in after-hours trading. This increase is partly due to news of Robinhood’s expansion into the UK market and positive sentiment surrounding potential Bitcoin ETFs.
Cathie Wood also commented on Bitcoin’s relevance in cyber warfare, reflecting growing interest from entities such as the Department of Defense. Her comments underscore the market’s strong confidence in the diverse applications of cryptocurrencies.
Besides crypto-related transactions, Ark has bolstered its fintech holdings by buying shares in companies like Robinhood and expanded into digital payments with investments in Toast Inc. Additionally, Ark’s significant purchase of PagerDuty Inc stock shows confidence in the growth potential of IT management solutions.
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