- Cathie Wood’s Ark Invest has been on a week-long portfolio diversification streak.
- The firm has offloaded millions of dollars in Coinbase shares.
- Ark Invest is loading up on other assets.
As the cryptocurrency market rallies, the industry is bustling with activity, and financial institutions are strategically positioning themselves to leverage market movements.
Not to be left behind, Ark Invest, the investment firm renowned for its proactive approach to asset maneuvers, is currently diversifying its portfolio through deliberate asset sell-offs and acquisitions.
Ark Invest Offloads Coinbase Shares
On Thursday, November 30, Cathie Wood’s Ark Invest sold 37,377 Coinbase shares through its Ark Fintech Innovation Exchange-traded fund (ETF). The total sales value was approximately $4.7 million, with each share sold at a closing price of $125.74.
The $4.7 million sale represented the third wave of the firm’s sell-off of COIN shares this week. The two previous sales comprised 43,956 COIN shares on November 27 (valued at $5.26 million) and 38,668 COIN shares on November 29 (valued at $5 million), respectively.
These sales amounted to an estimated $15 million, marking the biggest sale since Ark dumped over 53,000 COIN shares in July.
Ark Invest is not just getting rid of assets, as recent activity in the portfolio shows significant investments in specific assets.
Ark Invest Boosts Holdings In Robinhood
On November 27, the investment firm incorporated 143,036 shares of Robinhood Markets Inc. into its portfolio, acquiring them at a closing price of approximately $8.3, amounting to $1.26 million.
Further loading up its portfolio, Ark Invest added an additional 221,759 HOOD shares, bringing the total purchase to over $3.23 million.
The recent purchases build on Ark Invest’s acquisition of 259,628 Robinhood shares in October 2023, valued at $2.38 million, solidifying its position as Robinhood stock’s second-largest institutional holder with a 4.19% stake across four ETFs.
On the Flipside
- Ark Invest’s frequent accumulation of HOOD market shares suggests a heightened interest in the firm, coinciding with Robinhood’s recent expansion into Europe.
- On October 24th, Ark Invest offloaded over $3.29 million of COIN shares.
- COIN shares are trading at $124.72 at the time of writing, reflecting a 2.43% decrease since Ark’s sell-off.
Why This Matters
The frequent trading activity of Cathie Wood’s Ark Invest, involving both sales and purchases, marks another phase in the investment firm’s efforts to enhance the diversification of its asset holdings amidst the ongoing market rally.
To find out more about Ark Invest’s market activities throughout the year, read here:
Cathie Wood Loads up on Coinbase, Block.One Shares Despite SEC Attack
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Source link: https://dailycoin.com/ark-invest-dumps-15m-worth-of-coinbase-shares/
