Cathie Wood Led Ark Invest Dumps $1.4M Worth Coinbase Shares

• A total of 10,218 Coinbase (COIN) shares, valued at $1.4 million, were dumped.
• In a week, the price of Coinbase stocks increased by 16%, and in a month, by 63%.

As the price of Coinbase (COIN) shares kept climbing amid a phenomenal rebound in the crypto market, Ark Invest, led by Cathie Wood, sold further shares. On the other hand, at the same time, Robinhood (HOOD) shares are still being purchased by Ark Invest’s several funds in anticipation of massive swings.

A total of 10,218 Coinbase (COIN) shares, valued at $1.4 million, were dumped by Cathie Wood’s Ark Invest funds. The decision is in response to the recent surge of COIN stocks rising to a 19-week high. 7,248 Coinbase shares were sold by the ARK Innovation ETF (ARKK), while 2,970 COIN stocks were sold by the ARK Fintech Innovation ETF (ARKF).

After reaching a new high of $146.30, Coinbase (COIN) stock price is trading at $145.98, a gain of 3.42%. In a week, the price increased by 16%, and in a month, by 63%.

Banking on Robinhood

The performance of Ark Invest funds has been enhanced by the recent crypto market rise. The cryptocurrency market will keep going up as long as investor confidence is strong. Amidst dumping Coinbase shares, the firm nevertheless continued to purchase shares of Robinhood (HOOD). ARK Fintech Innovation ETF (ARKF) bought 14,702 Robinhood shares.

As a part of their aim to capture market share, Robinhood announced expansion to the UK last week. In November, the platform’s crypto trading volume jumped 75%, riding on the recent market rally. At the time of writing, Bitcoin is trading at $42,827, up 2.95% in the last 24 hours as per data from CoinMarketCap. The bulls continue to dominate as most cryptocurrencies are trading in green.

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