Ark Invest Sells off COIN, NVDA, HOOD Shares

Ark Invest sold over $12 million worth of Coinbase shares, with various funds divesting different amounts on different dates.

Despite exceeding earnings expectations, Cathie Wood’s investment management firm Ark Invest is on a selling frenzy for Coinbase (COIN), Nvidia (NVDA), and Robinhood (HOOD) shares. Within a month, the prices of all three equities had increased by more than 30 percent.

According to trade records, Cathie Wood’s Ark Invest sold 72,242 Coinbase shares worth more than $12 million. The following describes this week’s Coinbase share selloff:

ARK Innovation ETF (ARKK) divested 2,828 Coinbase shares on February 22. In response to COIN’s two-year high of $190 per share, Ark Invest funds cleared $31 million worth of shares after the company’s earnings report exceeded expectations.

Ark Fintech Innovation ETF (ARKF) divested 8,936 COIN shares on February 21, while ARK Innovation ETF (ARKK) divested 31,747 Coinbase shares.

ARK Fintech Innovation ETF (ARKF) divested 4,970 COIN securities, ARK Next Generation Internet ETF (ARKW) shed 4,029 Coinbase shares, and ARK Innovation ETF (ARKK) cleared 19,732 Coinbase shares on February 20.

This week, the Coinbase (COIN) price fell 12.26%. COIN concluded the day at $165.98, down 2.88%, and experienced an additional 0.59% decline after hours.

Ark Invest’s Investment Strategy Shift

Cathie Wood’s Ark funds once again divested Nvidia shares this week, notwithstanding their optimistic valuation of artificial intelligence (AI).

ARK Autonomous Technology & Robotics ETF (ARKQ) shed 2,707 Nvidia shares and 12,146 Google shares last week. Additionally, ARKW divested 1,969 NVIDIA shares.

ARK Next Generation Internet ETF (ARKW) divested 5,067 Nvidia shares valued at $4 million on February 22. This week, the price of NVDA increased by 6.41%, reaching $788.17 on Friday.

Additionally, on February 20, ARKW sold 190,413 Robinhood shares, and ARKF liquidated 104,669 shares. Additionally, ARK sold 37,312 shares on February 22.

The price of HOOD increased by 8.46% this week. The share price of Robinhood Markets closed on Friday at $14.48, up 3.65%, with an additional 1.17% increase after market hours.