Ark Invest, by Cathie Wood, sold approximately $123 million worth of Coinbase and Robinhood stocks this week amidst a surge in their prices.
Led by Cathie Wood, Ark Invest made significant divestments this week, offloading around $122 million worth of Coinbase (COIN) and Robinhood (HOOD) shares. The move comes as both stocks hit fresh 52-week highs, but recorded significant slumps on Friday.
On Friday, March 22, Ark Invest sold about $55.60 million worth of COIN stock. The firm’s ARK Innovation ETF (ARKK) witnessed a substantial dump of 151,271 Coinbase shares, equivalent to $38.65 million.
Additionally, ARK Next Generation Internet ETF (ARKW) registered a divestment of 60,332 COIN shares worth $15.41 million.
Moreover, Ark Fintech Innovation ETF (ARKF) saw a sell-off of 6,007 Coinbase shares, worth $1.53 million. Meanwhile, Ark Invest shed around $52.27 million worth of Coinbase stock on Thursday, March 21.
Additionally, the organization offloaded $5.76 million worth of HOOD stock on Friday. This included a massive offload of 229,586 Robinhood shares worth $4.20 million from ARKK. In addition, they dumped 50,711 HOOD shares worth over $928,000 from ARKW.
The total weekly divestment amounts to $115.16 million for Coinbase and $7.53 million for Robinhood. The massive sell-off aligns with Cathie Wood’s bearish outlook on crypto stocks in the short term, as her firm considers investing in the Reddit IPO.
