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Cathie Wood’s Ark Invest made significant moves in the stock market on Thursday, offloading substantial amounts of shares in both Coinbase and Robinhood. The firm’s ARK Innovation ETF and ARK Next Generation Internet ETF sold shares worth approximately $4.4 million in Coinbase Global Inc. and nearly $4.3 million in Robinhood Markets Inc.
Details of the Ark Invest Selloff
The sale comprised 26,301 Coinbase shares and 341,592 Robinhood shares from the ARK Innovation ETF, and an additional 4,980 Coinbase shares and 23,838 Robinhood shares from the ARK Next Generation Internet ETF. This decision came as both stocks experienced a downturn at market close on Thursday.
The sell-off coincided with the U.S. approval of spot bitcoin ETFs, which began trading on the same day. Coinbase, known for its role as a crypto custodian to several ETFs, and Robinhood, which recently started offering spot Bitcoin ETFs to its clients, both saw their shares drop. Coinbase shares closed down 6.7% at $141.16, while Robinhood ended the day 3.5% lower at $11.71.
Cryptocurrency Market Fluctuations
The cryptocurrency market also experienced volatility, with Bitcoin surging above $48,000 before settling around $45,800. As of Friday morning in Hong Kong, Bitcoin was trading at $46,095, marking a slight decrease of 0.48% over the past 24 hours.
The first day of trading for spot bitcoin ETFs was noteworthy, with a total trading volume of around $4.53 billion. BlackRock’s iShares Bitcoin Trust and Grayscale’s spot bitcoin ETF were among the top performers, recording significant trading volumes of around $1 billion and $2.28 billion, respectively.
Ark Invest’s decision to offload shares in Coinbase and Robinhood reflects the firm’s response to the dynamic and evolving landscape of cryptocurrency and related financial products. As the market continues to adjust to new products and regulations, significant movements by influential investment firms like Ark Invest are closely watched for indications of broader market trends.
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