Bitcoin bull Cathie Wood’s investment management company Ark Invest sells off more Coinbase shares; this is the sixth sale of COIN shares as the price of the cryptocurrency continues to rise amid a remarkable rebound in the market. In the meantime, in anticipation of significant moves, Ark Invest’s various funds keep purchasing Robinhood Markets (HOOD).
Coinbase (COIN) Shares Are Sold by Cathie Wood’s Ark Invest
Transactions seen by Coin Gape indicate that 10,218 Coinbase (COIN) shares were bought for $1.4 million by Cathie Wood’s Ark Invest funds. The action is taken as Ark Invest keeps selling COIN shares as their price rises to a 19-week high.
2,970 COIN stocks and 7,248 Coinbase shares were sold by ARK Fintech Innovation ETF (ARKF) and ARK Innovation ETF (ARKK), respectively.
Monday’s closing price of Coinbase (COIN) stock was 5.48% higher at $141.09, following a new high of $146.30. In a week, the price increased by 16%, and in a month, by 63%.
37,377 shares of COIN were sold by ARK Next Generation Internet ETF (ARKW) on November 30. Furthermore, on November 27 and November 29, the Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares for $5 million and 37,377 COIN stocks, respectively. Over 30,000 COIN shares were sold by Cathie Wood’s Ark Investment last month.
The Ark Invest funds have performed better since the cryptocurrency market rally. The cryptocurrency market will keep rising as long as market sentiment stays positive.
Robinhood Shares Gained by Cathie Wood Increase
The company continued purchasing Robinhood (HOOD) shares even as Cathie Wood’s funds sold off some cryptocurrency shares. Ronhood also revealed last week that it was expanding to the UK as part of a plan to gain market share. November saw a 75% increase in the company due to expectations for a spot Bitcoin ETF.
14,702 Robinhood shares were bought by ARK Fintech Innovation ETF (ARKF) as the stock increased 15% in a week. HOOD price rose 2.47% to close at $9.55, but it continued to rise 4.40% after hours. Tuesday’s opening price is anticipated to be higher.
According to Cathie Wood, the Defense Department’s adoption of Bitcoin as a “offset strategy” shows “significant proof of concept for Bitcoin!” because of its potential in cyberwarfare and defense.
