Ark Invest continues to adjust its portfolio amid rising cryptocurrency markets by selling shares of Coinbase and Robinhood.
Sale of Coinbase and Robinhood Shares
Ark Invest's flagship fund, the ARK Innovation ETF (ARKK), has sold 16,627 shares of Coinbase and 58,504 shares of Robinhood as of Thursday. The sale of Coinbase was valued at approximately $6.5 million, while the Robinhood sale was valued at $5.8 million. The fund also sold 24,780 shares of Block Inc., generating approximately $1.7 million in proceeds.
Crypto Market Overview
The sell-off comes just after bitcoin reached a new all-time high of $118,080, while Ethereum (ether) surged 8.5% to $3,011 during the same period. Coinbase shares closed Thursday up 4% at $388.96, while Robinhood rose 4.4% to $98.7. Block Inc. shares were down just 0.36%.
Future of Coinbase and Robinhood
Ark Invest’s recent share sales signal both a strong crypto rally and a sign that institutional investors are taking cautious positions against rapid price movements in the market. Coinbase recently announced a partnership with AI-powered search engine Perplexity AI to launch a real-time cryptocurrency data service. Robinhood has begun discussions with European regulators regarding its new equity tokenization initiative, planning to offer users tokenized shares through blockchain-based 'stock tokens.'
The asset distribution by Ark Invest indicates a continued strategic adjustment towards technology and crypto-focused companies amidst growing interest in the cryptocurrency market.
