Ark Invest, led by Cathie Wood, has sold a significant number of Coinbase shares, amounting to 43,956 COIN (equivalent to $5.3 million).
Ark Invest, led by Cathie Wood, has sold a significant number of Coinbase shares, amounting to 43,956 COIN (equivalent to $5.3 million), as the cryptocurrency exchange's stock reached its highest level in 18 months. Simultaneously, Ark Invest acquired 143,063 shares of Robinhood, valued at around $1.2 million, for its Ark Fintech Innovation ETF, as indicated by the latest trade filing. Additionally, Ark Invest added 93,297 Robinhood shares ($780,000) to its ARK Next Generation Internet fund on Friday.
Coinbase's stock ended Tuesday session at $128.27, marking a more than 74% gain over the past month and a year-to-date increase of 281%, reaching its highest level since April 2022. However, it is important to note that the stock is still 62% below its all-time high of $342.98 during the peak of the crypto bull market in November 2021.
On the other hand, Robinhood's stock is currently trading at $8.64. Although it has experienced an over 4.85% decline this month, it is up 6.9% for the year. The shares are currently trading at around 20% above their all-time low of $7.19 but remain down by 84% from their peak of $55.01 in August 2021.
Ark Invest's acquisition of Robinhood shares aligns with the trading app's plans to expand into the European Union and the United Kingdom, which were announced earlier this month. This move comes following disappointing Q3 results for the fintech firm.
In addition, Ark Invest recently sold 94,624 shares of Grayscale Bitcoin Trust (GBTC), equivalent to $2.8 million, from its ARKW fund. These sales coincide with a narrowing discount to net asset value (NAV) for GBTC, currently at 8.78%, the lowest it has been in two years.
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