Ark Invest, under the guidance of Cathie Wood, is making strategic shifts in its investment portfolio. While the firm decided to part ways with Coinbase (COIN) shares, anticipating a market peak, it simultaneously doubled down on the potential of Robinhood (HOOD) amid expectations of significant market swings.
Ark Invest’s recent decision saw the sale of 10,218 Coinbase shares, totaling $1.4 million. This move follows the extraordinary surge in COIN stocks, reaching a 19-week high.
The ARK Innovation ETF (ARKK) offloaded 7,248 Coinbase shares, while the ARK Fintech Innovation ETF (ARKF) divested 2,970 COIN stocks.
Despite the sell-off, Coinbase (COIN) continues to rise, reaching a new high of $146.30. The stock is currently trading at $145.98, representing a 3.42% gain. The price has increased by 16% in the last week, and it has increased by 63% in the last month.
Despite its decision to part ways with Coinbase, Ark Invest remains bullish on the rise of Robinhood (HOOD). The ARK Fintech Innovation ETF (ARKF) has purchased 14,702 Robinhood shares, demonstrating its belief in the platform’s potential for growth.
Robinhood’s recent announcement that it will expand to the United Kingdom aligns with its ambitious goal of capturing a larger market share.
In November, the platform saw a 75% increase in crypto trading volume, riding the wave of the ongoing market rally.
Bitcoin is currently trading at $42,827, up 2.95% in the last 24 hours, with most cryptocurrencies showing positive momentum.
