Cathie Wood’s Ark Invest Makes Strategic Portfolio Shifts, Selling Coinbase and GBTC While Buying Robinhood
The post Cathie Wood’s Ark Invest Makes Strategic Portfolio Shifts, Selling Coinbase and GBTC While Buying Robinhood appeared first on Coinpedia Fintech News
Cathie Wood’s Ark Invest continues to actively manage its portfolio, making significant adjustments based on its outlook for various sectors. In a recent move, Ark Invest has offloaded holdings of Coinbase and Grayscale Bitcoin Trust while accumulating Robinhood shares.
Coinbase:
- Ark Invest sold a combined 237,572 Coinbase shares worth approximately $34 million on December 5th, spanning across its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
- This sale adds to the already 300,000 Coinbase shares divested by Ark Invest since last month.
- The decision to sell comes despite a recent surge in Coinbase stock price, reaching a 19-month high due to the early bull market and market share gains after Binance CEO CZ’s departure.
- Despite a slight dip on Tuesday, Coinbase stock remains up 16% in a week and a staggering 63% in a month.
Grayscale Bitcoin Trust:
- Ark Investment also sold 168,127 GBTC shares worth $6 million through ARKW on December 5th.
- This brings the total number of GBTC shares offloaded by ARKW to over 800,000 since October, coinciding with a narrowing negative premium.
- While the GBTC price has experienced a significant 330% year-to-date growth, it closed 4.35% higher on Tuesday but is trading slightly lower in premarket hours.
Robinhood:
- In contrast to the selling of Coinbase and GBTC, Ark Invest remains bullish on Robinhood and continues to accumulate its shares, anticipating a substantial rally in this bull market.
- ARKF purchased 9,586 Robinhood shares as the price crossed the $10 mark, further adding to its purchase of 14,702 shares on December 4th following a 15% price increase in a week.
- Robinhood closed 10.26% higher on Tuesday and is currently trading higher in premarket hours, indicating continued investor confidence.
These strategic portfolio adjustments by Ark Invest highlight its proactive approach to managing its holdings based on market trends and its outlook for different sectors. The selling of Coinbase and GBTC suggests a cautious approach to these assets, while the accumulation of Robinhood demonstrates a strong belief in its future potential and growth.
