Ark Invest, led by influential investor Cathie Wood, has made significant changes to its holdings in the cryptocurrency and fintech sectors.
Ark Invest sold 43,956 shares of Coinbase (COIN), amounting to approximately $5.3 million, as the stock of the renowned crypto exchange hit its highest level in 18 months.
This decision comes at a time when Coinbase’s stock value soared, trading at $120.69 in pre-market sessions, marking an over 50% increase this month and a remarkable 228% year-to-date growth.
On the other hand, Ark showed a growing interest in Robinhood, acquiring 143,063 shares worth around $1.2 million for its Ark Fintech Innovation ETF.
This purchase follows an additional acquisition of 93,297 Robinhood shares, valued at $780,000, for its ARK Next Generation Internet fund. Despite a recent dip, Robinhood’s stock price stands at $8.41 in pre-market trading, indicating a slight annual increase of 1.57%.
The strategic shifts in Ark’s portfolio also included the sale of 94,624 Grayscale Bitcoin Trust (GBTC) shares from its ARKW fund, valued at $2.8 million.
The sale aligns with the narrowing discount to the net asset value (NAV) of GBTC shares, which currently trade at $30.04, marking a significant discount reduction to 8.78%.
Ark’s portfolio adjustment reflects a strategic response to the dynamic cryptocurrency market, with Bitcoin trading at $37,095, and evolving opportunities in the fintech sector.
The moves align with the company’s investment philosophy, balancing risk and opportunity in a rapidly changing financial landscape.