Ark Invest Sells $4.4M in Coinbase Shares
Cathie Wood’s company, Ark Invest, sold $4.4 million of Coinbase shares and nearly $4.3 million of Robinhood shares on Thursday, resulting in both stocks declining at the market’s close.
According to the firm’s trade filing, their ARK Innovation ETF sold 26,301 shares of Coinbase Global Inc. and 341,592 shares of Robinhood Markets Inc. on the same day.
The ARK Next Generation Internet ETF also sold 4,980 Coinbase shares and 23,838 Robinhood shares on Thursday.
These selling actions were influenced by investors considering the U.S. approval of spot bitcoin ETFs, which began trading on Thursday.
Coinbase, which serves as a crypto custodian for several such ETFs, and Robinhood, which now offers spot bitcoin ETFs for retirement and brokerage account clients, both saw their stock prices decrease.
