Cathie Wood’s Ark Invest Dumps $122M in Coinbase

Cathie Wood’s Ark Invest made significant stock sell-offs this week, totaling over $122 million, including shares of Coinbase and Robinhood.

Cathie Wood’s Ark Invest sold off a lot of stock this week, selling off over $122 million worth of Coinbase (COIN) and Robinhood (HOOD) shares. Their stock prices have recently surged, reaching new 52-week highs, which has prompted this decision. On Friday, nevertheless, when Ark Invest’s maximum drop occurred, COIN and HOOD stocks fell sharply.

Coinbase Stock Dumped by Cathie Wood’s Ark Investment

The group, headed by Cathie Wood, sold its COIN shares valued at around $55.60 million on March 22. The ARK Innovation ETF (ARKK) had a huge dump of 151,271 Coinbase shares, worth $38.65 million, from the enterprise. ARK Next Generation Internet ETF (ARKW) sold an additional 60,332 COIN shares, valued at $15.41 million.

Furthermore, the Cathie Wood-led firm’s Ark Fintech Innovation ETF (ARKF) sold off 6,007 Coinbase shares. The dump had a value of 1.53 million dollars. In addition, on Thursday, March 21, Cathie Wood’s Ark Invest sold Coinbase shares valued at approximately $52.27 million. With a total of $34.98 million, the investment management business liquidated 133,533 Coinbase shares from their ARKK.

They also sold 59,125 Coinbase shares to ARKW for $15.49 million. ARKF also sold 6,778 Coinbase shares for $1.77 million as part of the divestiture. The group headed by Cathie Wood, in the in the meantime, made $7.29 million on Monday from the sale of 30,458 Coinbase shares.

The total quantity dumped per week is $115.16 million. However, Coinbase’s stock price fell 2.48 percent to $255.51 on Friday. The price of COIN stock earlier rose 1.99% to $262.00 as of Thursday’s market closure.

Stock in Robinhood Sold by Ark Invest

Cathie Wood’s company sold 5.76 million shares of HOOD on Friday. This was a huge sale of 229,586 Robinhood shares from ARKK, valued at $4.20 million. On top of that, the company sold 50,711 HOOD shares to ARKW for more than $928,000. Additionally, ARKF had 34,492 Robinhood shares that sold for more than $631,000 in value.

On Thursday, March 21, Ark Invest sold 96,003 shares of Robinhood from ARKW for a total of $1.77 million. The company divested a total of $7.53 million during the week. The shares of Robinhood fell 4.14 percent and ended Friday’s trading at $18.30 as a result of the selling frenzy. On the other hand, HOOD stock gained 2.86% and ended the day at $19.09.

Cathie Wood’s Ark Invest’s huge selloff is consistent with her short-term pessimistic prediction for cryptocurrency equities. This has led her company to sell all of its Robinhood and Coinbase shares. The organization has explored the possibility of investing in the Reddit IPO.