ARK Invest Boosts Coinbase Position Again, Trims Robinhood Shares

Cathie Wood’s ARK Invest has shaken up its portfolio by snapping up $2.2 million worth of Coinbase shares, signaling a renewed focus on the major crypto exchange.

This marks ARK’s first purchase of Coinbase stock in over a month, pointing to fresh confidence in the company’s future performance.

The firm added close to 13,000 shares of Coinbase to its Fintech Innovation ETF. Despite a slight drop in Coinbase’s stock price that day, the ETF now holds approximately $67 million worth of shares, which represents over 7% of the total portfolio. Even though the stock has climbed 6.5% since ARK’s last buy, it still sits 20% below its August highs.

Industry experts see this move as a potential bet on a broader crypto rally, with Bitcoin’s historical performance in October often being a catalyst for market gains.

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In contrast to the Coinbase acquisition, ARK opted to shed over 135,000 shares of Robinhood, valued at around $3.5 million. This decision is thought to be tied to regulatory limitations on investment exposure to firms heavily reliant on securities sales. Interestingly, Robinhood’s stock surged nearly 10% following the sell-off.

With these recent trades, ARK continues to tweak its holdings in response to shifting market conditions in the crypto and fintech sectors.

Source

Alexander Zdravkov