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ARK Invest Sells $5.26M Coinbase Shares as Price Hits 19-Month High
The Ark Fintech Innovation ETF sold 43,956 COIN shares and bought $1.2 million worth of Robinhood stock on Monday.
Updated Nov 28, 2023, 11:55 a.m. Published Nov 28, 2023, 11:55 a.m.
Cathie Wood's ARK Invest sold about $5.26 million of Coinbase (COIN) shares Monday as the crypto exchange climbed to a 19-month closing high.
The Ark Fintech Innovation exchange-traded fund's (ETF) sale of 43,956 shares took place on the day COIN reached $119.77 on the Nasdaq market, the highest closing price since April 2022. The sale is the biggest since July 25, when the ARK Next Generation Internet ETF dumped more than 53,000 COIN shares, albeit at a lower price and for a lower total value.
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The Ark Fintech Innovation ETF also bought 143,063 shares of trading platform Robinhood (HOOD), a value of $1.2 million at Monday’s closing price, according to an emailed statement. It was ARK Invest's fifth HOOD purchase this month.
ARK Invest often loads up on crypto-related shares when they have experienced a downward trend and sells them as they look more bullish to bank some profits.
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Nasdaq, home of Coinbase, Strategy stocks, seeks 23-hour trading amid investor demand
Crypto's 24/7 trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
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- Nasdaq plans to expand stock and exchange-traded product trading to 23 hours a day, five days a week, according to a filing.
- The move follows similar initiatives by the New York Stock Exchange and reflects growing global demand for extended market access.
- Always-on cryptocurrency trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
