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

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Published: November 30, 2023 at 6:00 am Updated: November 30, 2023 at 6:00 am

Edited and fact-checked:
November 30, 2023 at 6:00 am

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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