ARK Adjusts Portfolio: Sells Coinbase and Robinhood Shares

In the wake of rising stock prices for Coinbase and Robinhood, Cathie Wood’s ARK has tactically sold shares to adjust the balance in its investment portfolios. ARK has persisted in its trend of offloading Coinbase shares, parting with 34,261 COIN, valued at around $5.5 million, distributed between its Innovation ETF and Next Generation Internet ETF.

This move aligns with the recent performance of Coinbase’s stock, which has reached new annual highs. The stock traded at $161.16, showing a daily rise of 5%, an impressive 66% increase over the past month, and a significant 342% growth since the start of the year. Nevertheless, the stock’s current value is still about 53% lower than its highest point in November 2021.

This sale is part of ARK’s ongoing strategy to maintain balanced fund weights. Just last week, the firm sold Coinbase shares worth $59 million. At the same time, ARK also sold 121,100 shares of Robinhood, totaling $1.6 million, from its Fintech Innovation ETF.

These actions followed ARK’s $3.3 million investment in HOOD before the launch of Robinhood’s crypto trading app in Europe. Although Robinhood’s stock closed at $13.17, indicating a 10% rise for the day and considerable gains over the past month and year, it remains down by about 76% from its peak in August 2021.

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