David Edwards
This week, Cathie Wood’s Ark Invest made notable changes to its investment portfolio, particularly by selling off large amounts of shares from leading cryptocurrency exchanges. The company significantly reduced its holdings in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD). This strategic move occurred during a period of growth in the digital asset market, which has been influencing cryptocurrency company stocks.
Starting on Monday, February 26, Ark Invest began its series of sales by disposing of 35,509 shares of Coinbase, totaling $6.9 million in value. Even though Coinbase’s stock price jumped to $193.94, an increase of 16.85% on the same day, Ark Invest continued with its plan.
The selling spree extended into Tuesday, February 27, with the firm letting go of another 46,531 shares of Coinbase, this time for $9.3 million, as the stock price rose by 2.7% to close at $199.22. The firm didn’t stop there; on Wednesday, February 28, it sold off 86,298 shares for $17.32 million, with Coinbase’s stock price closing at $200.80, a 0.79% increase.
By Thursday, February 29, Ark Invest had sold 9,843 shares worth $1.94 million, with the stock price up by 1.37%, closing at $203.56. The week ended on Friday, March 1, with the firm selling 38,854 shares valued at nearly $8 million, as the stock price increased by 1.09% to close at $205.77. In total, Ark Invest disposed of 216,035 shares of Coinbase, amounting to roughly $43.4 million.
