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Cathie Wood’s ARK Invest continues offloading Coinbase shares while adding Robinhood and SoFi Technologies shares.
Investment management firm ARK Invest sold another 10,218 COIN shares this week after selling approximately $15 million worth of Coinbase shares last week. While the company profits from its COIN, it acquired 14,702 ($140,000) in Robinhood shares, adding to the $3 million HOOD it bought last week. The company also purchased $1.4 million in online bank SoFi Technologies shares.
ARK Offloads COIN In Favour of Robinhood
According to the company’s latest trading filing, as reported by The Block, ARK Invest sold 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and 7,248 shares ($ 1 million) from its Next Generation Internet ETF on Monday.
Monday’s trade comes after the company sold $15 million worth of Coinbase stock last week when Coinbase was trading at an 18-month high. COIN reached an 18-month high of $119.7 per share on November 27, the highest since May 5, 2022.
Coinbase shares peaked after news broke that rival exchange Binance would pay the Department of Justice a $4.3 billion settlement, and its CEO, Changpeng “CZ” Zhao, agreed to step down as CEO.
After selling off many COIN shares, ARK Invest acquired shares in the trading platform Robinhood and the online bank SoFi Technologies. ARK’s November HOOD purchase marked its seventh for the month. The investment firm’s aggressive purchase coincides with Robinhood announcing it would launch its platform in the UK. While Robinhood shares were trading positively last week, SoFi Technologies announced it would hand over its crypto business to Blockchain.com.
Robinhood Crypto Trading Volume up by 75% in November
ARK Invest added another 14,702 HOOD shares to its Fintech Innovation ETF following its $3 million purchase last week.
According to reports by The Wall Street Journal, on Monday, Robinhood revealed in a Form 8-K filing to the US Securities and Exchange Commission (SEC) that its “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.” Robinhood welcomes the uptake in trading volume after the company revealed a 55% decrease in crypto notional volume over the year in its Third Quarter 2023 Results.
While November’s crypto trading volume surged, Robinhood CEO and co-founder Vlad Tenev anticipates more growth in the crypto sector. Tenev recently spoke to Yahoo Finance, where he said the crypto industry is seeing renewed interest from retail investors.
“You’re starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you’re seeing a groundswell.”
“What tends to happen is, as we’ve seen in the past, as the price of Bitcoin approaches all-time highs, the media coverage and intensity increases.”
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