ARK Invest sells another $5 million of Coinbase (COIN) shares

ARK Invest, led by Cathie Wood, continued its market maneuvering on Wednesday, focusing on the crypto and fintech sectors.

The investment firm chose to sell 38,668 Coinbase (COIN) shares from its Ark Fintech Innovation ETF (ARKF) for $5 million.

This move follows the sale of 43,956 COIN shares earlier this week, which coincided with the crypto exchange reaching its highest level since April 2022.

Despite a minor dip, with COIN closing down 0.35% at $127.82 on Wednesday, the exchange has seen significant gains, with a more than 77% increase over the last month and a 281% increase year-to-date.

ARK Invest expanded its portfolio in a strategic shift by investing $2 million in shares of Robinhood (HOOD), its seventh acquisition this month.

This move is consistent with ARK’s broader expansion into the UK stock market, and it is the company’s third international venture.

The total investment in Robinhood for November is estimated to be around $13.5 million. Following this development, HOOD shares increased by 3.24% to $8.92 on Wednesday.

ARK Invest invested $1.5 million in shares of SoFi Technologies (SOFI), an American online personal finance company and online bank, in another sign of confidence in the online finance sector.

Surprisingly, this acquisition occurred on the same day that SoFi Technologies officially announced its intention to discontinue cryptocurrency services by December 19, 2023.

Despite SoFi’s strategy shift, ARK’s move emphasizes its strategic positioning, demonstrating continued interest in both Coinbase and SoFi Technologies.