Cathie Wood’s Ark Invest Dumps $54M Coinbase & Robinhood Stocks

Cathie Wood Sells Coinbase and Robinhood: What's Behind the Move?

Cathie Wood's Ark Invest has recently offloaded a hefty chunk of Coinbase (COIN) and Robinhood (HOOD) stocks, totaling over $54 million. This divestment has raised eyebrows, given the recent rally in both stocks, which have recently hit 52-week highs.

Coinbase Dump Amid Rally: Why?

Ark Invest unloaded a whopping $34.98 million worth of Coinbase shares from its ARK Innovation ETF (ARKK) in a single trading session. The firm also dumped shares from its ARK Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF), for a combined value of $17.26 million.

Robinhood Selloff: Following Suit?

In a similar move, Ark Invest sold off 96,003 shares of Robinhood from ARKW, amounting to $1.77 million. This divestment brings the total value of the Coinbase and Robinhood stock sales to $54.04 million.

Rallying Stocks, Selling Stocks: Counterintuitive?

The timing of Ark Invest's sell-off is particularly puzzling, given the recent surge in COIN and HOOD stock prices. COIN surged 1.99% on Thursday, while HOOD gained 2.86%. However, it's worth noting that the COIN stock remained flat in pre-market trading on Friday, while HOOD declined by 0.21%.

Reddit IPO: Cathie Wood Buys, Then Sells?

While Ark Invest has been shedding Coinbase and Robinhood shares, it has simultaneously invested in the newly listed Reddit (RDDT) stock. The firm purchased a total of 9,982 Reddit shares worth over $503,000 for its ARKW and ARKF ETFs. However, the RDDT stock has taken a hit in pre-market trading today, declining by 4.46%.

Market Musings: What Does It All Mean?

Ark Invest's recent moves have sparked speculation among market watchers. Some analysts believe that the firm may be taking profits from its Coinbase and Robinhood investments, which have performed strongly in recent months. Others suggest that the firm may be shifting its focus to other investment opportunities, such as the Reddit IPO.

Whatever the rationale behind Ark Invest's actions, the sell-off of Coinbase and Robinhood stocks has sent a ripple through the market, raising questions about the firm's investment strategy and the future of these two companies.