Business News Report
November 30, 2023

ARK Invest Liquidates Additional $5M of Coinbase Shares, Invests in Robinhood and SoFi

ARK Invest Strategic Sales Movement with Coinbase Shares

ARK Invest led by Cathie Wood, made notable moves in the fintech sector this week. They sold off approximately $5 million worth of Coinbase (COIN) shares from their Ark Fintech Innovation ETF (ARKF).

This followed a similar sale of 43,956 shares on Monday. Simultaneously, ARK invested in Robinhood (HOOD) and SoFi Technologies (SOFI), purchasing shares valued at $2 million and $1.5 million, respectively.

The acquisition of Robinhood shares aligns with the trading platform’s expansion into the UK market, marking ARK’s third international venture. ARK’s total investment in Robinhood for the month is around $13.5 million. Meanwhile, SoFi Technologies announced its exit from the crypto business, transferring its customers to Blockchain.com.

Earlier, as Bitcoin approached the $35,000 mark, ARK Invest divested from Coinbase and Grayscale Bitcoin Trust (GBTC) through their Next Generation Internet ETF (ARKW) and ARKF, respectively. This sell-off involved more than 42,000 Coinbase shares and around 100,739 GBTC shares, totaling approximately $5.8 million in value.

ARK Invest’s recent financial maneuvers demonstrate a strategic rebalancing in their fintech portfolio. By reducing their stake in Coinbase and divesting from Grayscale Bitcoin Trust, ARK appears to be adjusting its holdings in response to market dynamics and the evolving fintech landscape.

The investments in Robinhood and SoFi Technologies might indicate ARK’s confidence in these platforms’ potential growth and adaptability in the changing digital finance sector. This diversification strategy could be a response to the fluctuations in the crypto market and a move towards more stable fintech assets.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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