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Cathie Wood’s ARK Invest continues offloading Coinbase shares while adding Robinhood and SoFi Technologies shares. 

Investment management firm ARK Invest sold another 10,218 COIN shares this week after selling approximately $15 million worth of Coinbase shares last week. While the company profits from its COIN, it acquired 14,702 ($140,000) in Robinhood shares, adding to the $3 million HOOD it bought last week. The company also purchased $1.4 million in online bank SoFi Technologies shares. 

ARK Offloads COIN In Favour of Robinhood

According to the company’s latest trading filing, as reported by The Block, ARK Invest sold 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and 7,248 shares ($ 1 million) from its Next Generation Internet ETF on Monday.  

Monday’s trade comes after the company sold $15 million worth of Coinbase stock last week when Coinbase was trading at an 18-month high. COIN reached an 18-month high of $119.7 per share on November 27, the highest since May 5, 2022.

Coinbase shares peaked after news broke that rival exchange Binance would pay the Department of Justice a $4.3 billion settlement, and its CEO, Changpeng “CZ” Zhao, agreed to step down as CEO. 

After selling off many COIN shares, ARK Invest acquired shares in the trading platform Robinhood and the online bank SoFi Technolog

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Author: Jana Serfontein

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