Ark Invest, Led by Cathie Wood, Sells Off $54M Worth of Coinbase & Robinhood Stocks

Ark Invest CEO and coinbase logo in the background

Cathie Wood’s Ark Invest, a prominent investment management business, recently sold more than $54 million worth of Coinbase (COIN) and Robinhood (HOOD) securities. The drop comes amid a rise in COIN and HOOD stocks, which just reached a new 52-week high.

Ark Invest Divests Coinbase & Robinhood Stocks

Cathie Wood’s Ark Invest unloaded about $52.27 million of Coinbase shares in the past trading session. On Thursday, March 21, Ark Invest sold 133,533 Coinbase shares through its ARK Innovation ETF (ARKK). The selloff totaled $34.98 million.

In addition, the Cathie Wood-led group sold 59,125 Coinbase shares from the ARK Next Generation Internet ETF (ARKW), totaling $15.49 million. Furthermore, Ark Fintech Innovation ETF (ARKF) launched a Coinbase stock selloff of 6,778 shares valued at $1.77 million.

Furthermore, on Thursday, March 21, Cathie Wood’s business sold 96,003 Robinhood shares for $1.77 million from ARKW. As a result, the total value of divested assets is $54.04 million. Meanwhile, HOOD stock finished at $19.09, up 2.86%. Robinhood stock rose 0.21% to $19.13 in the pre-market session on Friday, March 22. Meanwhile, COIN shares rose 1.99% to settle at $262.00 on Thursday. However, no change was observed in today’s pre-market trading session.

Reddit IPO Investment

The Reddit (RDDT) stock began trading on Thursday and had a fantastic jump. The prominent social networking organization’s IPO was declared successful, with the stock rising more than 48% on its first day of trading. According to Yahoo Finance, RDDT stock rose 48.35% on Thursday to end at $50.44.

Furthermore, Cathie Wood’s Ark Invest purchased a large number of Reddit shares during the launch. The business added 9,982 Reddit shares worth more than $503,000 to ARKW and ARKF. However, RDDT stock declined in the pre-market session today. At publication time, Reddit’s stock was down 4.46% to $48.19.

Author: Simeon

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