Cathie Wood’s Ark Invest Offloads Coinbase and Grayscale Bitcoin Trust, Buys Robinhood Stocks Amidst Crypto Surge

Cathie Wood’s Ark Invest, a prominent investment management firm, made strategic changes to its portfolio as the cryptocurrency market witnessed a surge in the price of Bitcoin, which soared above $35,000 on Monday. The firm offloaded a substantial number of shares in significant players while making intriguing acquisitions, reflecting the dynamic nature of the digital asset landscape.

In response to the bullish momentum of the cryptocurrency market, Ark Invest opted to sell 42,613 shares of Coinbase, a leading U.S.-based cryptocurrency exchange, through its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. Coinbase shares sold totaled around $3.3 million, with a closing price of $77.21 on Monday evening.

Similarly, Ark Invest sold 100,739 Grayscale Bitcoin Trust shares for about $2.5 million at $24.70 per share. Amid the Grayscale court order and SEC lawsuit, Ark Invest’s decision raises hopes for Bitcoin ETF approval.

Cathie Wood has been known for her optimism in the cryptocurrency market, particularly about Bitcoin. The firm has set a lofty $1.48 million Bitcoin price target by 2030, signaling unwavering confidence in its future potential.

Ark Invest Diversifies with Robinhood Stock Acquisition

In addition to crypto shifts, Ark Invest displayed interest in Robinhood, a significant fintech player, reflecting its diversification strategy. The company bought 259,628 Robinhood shares through ARK Next Generation Internet ETF, equating to around $2.38 million.

Notably, ARK is the second-largest institutional holder of Robinhood stock, holding a 4.1% stake distributed across four exchange-traded funds.

Ark Invest’s strategic maneuvering underscores its adaptability and commitment to a diversified and forward-thinking investment portfolio.