Cathie Wood's Ark Invest Sells $1.9M in Grayscale Bitcoin Fund, Sheds Coinbase Holdings And Shops For $1.8M Worth Of Robinhood Stock

On Tuesday, Cathie Wood-led Ark Invest made significant trades, with a notable purchase of shares in Robinhood Markets Inc HOOD while offloading positions in Coinbase Global Inc COIN and Grayscale Bitcoin Trust GBTC. This move aligns with a similar trading pattern observed on Monday.

The HOOD Trade: Amid a broader crypto rally, Ark Invest acquired 197,285 shares of Robinhood through ARK Next Generation Internet ETF ARKW. The transaction was valued at $1.8 million based on Robinhood’s closing price of $9.32 on Tuesday. This decision comes in the wake of Ark Invest’s move on Monday, where they sold shares of Coinbase during a surge in Bitcoin BTC/USD prices while picking up shares in Robinhood.

See Also: Cathie Wood’s Ark Stays Bullish On Tesla Despite Short-Term Growing Pains As EV Maker Faces Challenges

The COIN Trade: On Tuesday, Ark Invest sold Coinbase shares worth $1.73 million, based on the stock’s closing price of $82.07 through ARKW.

Ark Invest’s decision to sell shares of Coinbase comes after the company’s CEO, Brian Armstrong, confirmed the implementation of Bitcoin’s Lightning Network for faster and cheaper transactions. This move was applauded by Cathie Wood, emphasizing the potential of Lightning as Bitcoin's payment layer to offer Coinbase’s vast user base quicker and more affordable Bitcoin transactions. The details of this trade underscore the evolving dynamics in the crypto space and Ark’s adaptive investment strategy.

The GBTC Trade: Ark Invest also reduced its position in the Grayscale Bitcoin Trust GBTC. It sold $1.9 million worth of shares through ARKW, based on the Trust’s closing price of $26.16 on Tuesday. Cathie Wood has previously expressed her belief in Grayscale Investments as a significant component of Barry Silbert's Digital Currency Group. The trust’s commitment to cold storage, ensuring the security of its Bitcoin assets, has been a key factor in Ark’s investment decisions. More insights on this trade can be found here.

Other Key Trades:

• Ark Invest sold 70,719 shares of UiPath Inc PATH through ARK Genomic Revolution ETF ARKG.
• Ark Invest sold 46,921 shares of Exact Sciences Corp EXAS through ARK Innovation ETF ARKK.
• Ark Invest bought 40,680 shares of Roku Inc ROKU through ARKW.

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