ARK Invest Dumps More Coinbase (COIN), Buys Robinhood (HOOD) and SoFi Technologies (SOFI)

Cathie Wooden’s ARK Make investments continues offloading Coinbase shares whereas including Robinhood and SoFi Applied sciences shares. 

Funding administration agency ARK Make investments bought one other 10,218 COIN shares this week after promoting roughly $15 million value of Coinbase shares final week. Whereas the corporate earnings from its COIN, it acquired 14,702 ($140,000) in Robinhood shares, including to the $3 million HOOD it purchased final week. The corporate additionally bought $1.4 million in on-line financial institution SoFi Applied sciences shares. 

ARK Offloads COIN In Favour of Robinhood

In line with the corporate’s latest trading filing, as reported by The Block, ARK Make investments bought 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and seven,248 shares ($ 1 million) from its Subsequent Technology Web ETF on Monday.  

Monday’s commerce comes after the corporate sold $15 million worth of Coinbase stock final week when Coinbase was buying and selling at an 18-month excessive. COIN reached an 18-month excessive of $119.7 per share on November 27, the very best since Might 5, 2022.

Coinbase shares peaked after information broke that rival trade 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 promoting off many COIN shares, ARK Make investments acquired shares within the buying and selling platform Robinhood and the net financial institution SoFi Applied sciences. ARK’s November HOOD buy marked its seventh for the month. The funding agency’s aggressive buy coincides with Robinhood asserting it will launch its platform in the UK. Whereas Robinhood shares have been buying and selling positively final week, SoFi Technologies introduced it will hand over its crypto business to Blockchain.com.

Robinhood Crypto Buying and selling Quantity up by 75% in November

ARK Make investments added one other 14,702 HOOD shares to its Fintech Innovation ETF following its $3 million buy final week.

In line with studies by The Wall Street Journal, on Monday, Robinhood revealed in a Form 8-K filing to the US Securities and Trade Fee (SEC) that its “November Crypto Notional Buying and selling Volumes have been roughly 75% above October 2023 ranges.” Robinhood welcomes the uptake in buying and selling quantity after the corporate revealed a 55% lower in crypto notional quantity over the 12 months in its Third Quarter 2023 Results. 

Whereas November’s crypto buying and selling quantity surged, Robinhood CEO and co-founder Vlad Tenev anticipates extra development within the crypto sector. Tenev lately spoke to Yahoo Finance, the place he stated the crypto trade is seeing renewed curiosity from retail traders. 

“You’re beginning to see retail traders get up to sure segments of the rally, and in crypto exercise, you’re seeing a groundswell.”

Including,

“What tends to occur is, as we’ve seen up to now, as the value of Bitcoin approaches all-time highs, the media protection and depth will increase.” 

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