Ark Invest Sells $54M Coinbase, Robinhood Stocks

Ark Invest recently sold over $54 million worth of stocks in Coinbase (COIN) and Robinhood (HOOD) amidst a surge in their prices.

Cathie Wood’s Ark Invest, a significant investment management company, recently sold more than $54 million worth of stocks in Coinbase (COIN) and Robinhood (HOOD).

The drop occurs amid a rise in COIN and HOOD stocks, which recently reached a new 52-week high throughout the surge. Ark Invest, owned by Cathie Wood, sold around $52.27 million in Coinbase shares during the most recent trading session.

At the end of the trading day on Thursday, March 21, Ark Invest sold 133,533 shares of Coinbase from its ARK Innovation ETF (ARKK). $34.98 million was the total value of the selloff.

Ark Invest Sells Coinbase & Robinhood Stocks

Additionally, Cathie Wood sold 59,125 shares of Coinbase from the ARK Next Generation Internet ETF (ARKW), which had a total value of $15.49 million.

Also, the Ark Fintech Innovation ETF (ARKF) started a stock sale on Coinbase, which resulted in the sale of 6,778 shares with a total value of $1.77 million.

In addition, on Thursday, March 21, Cathie Wood’s company sold 96,003 Robinhood shares to ARKW for a total value of $1.77 million. As a result, the total value of the divestment is 54.04 million dollars.

The HOOD stock finished the day at $19.09, representing a gain of 2.86%. Not only that, but during the pre-market session on Friday, March 22, the share price of Robinhood increased by 0.21%, reaching $19.13.

During this time, the cost of the COIN stock ended the day at $262.00, representing a 1.99% increase. During the pre-market trading session that took place today, however, it did not observe any changes.

The price of the Reddit (RDDT) stock experienced a spectacular increase upon its first trading debut on Thursday. An initial public offering (IPO) of the well-known social media organization was declared successful because the shares increased by more than 48 % on the first trading day.

According to Yahoo Finance, the share price of RDDT in the stock market closed at $50.44 on Thursday, representing a 48.35% increase.

As an additional point of interest, Ark Invest Cathie Wood purchased a sizeable quantity of Reddit shares during the presentation.

The company contributed a total of 9,982 Reddit shares valued at more than $503,000 to ARKW and ARKF. Nevertheless, during the pre-market session today, the RDDT stock experienced a decline.

The share price of Reddit had decreased by 4.46% to $48.19 at the time of publication.