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Cathie Wood’s Ark Invest, which has been a seller of two crypto-linked stocks for much of this year, on Monday paused the sale of one of them.
What Happened: Ark did not transact in the shares of trading app Robinhood, Inc. (NASDAQ:HOOD) on Monday but it sold more of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN).
Ark through its Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) sold 11,775 Coinbase shares valued at $3.03 million. Riding on the rally in cryptocurrencies, Coinbase rallied 6.68% on Monday before closing at $256.99, according to Benzinga Pro data.
On Friday, Ark trimmed 62,615 Coinbase shares, valued at $15.08 million, and 925,585 Robinhood shares worth $17.03 million.
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Why It’s Important: Coinbase is one of the top holdings of Ark’s flagship exchange-traded fund, the ARKK. The fund currently holds $714.63 million worth of Coinbase shares, giving it a 9.75% weighting in the portfolio.
Cryptocurrencies have been on a tear since the start of 2023, with the apex crypto, the Bitcoin (CRYPTO: BTC) seeing particular strength ahead of the halving event. “The three previous Bitcoin halvings, in 2012, 2016 and 2020, saw an explosive appreciation in the crypto's price occur after the halving took place,” said Benchmark analyst Mark Palmer in a recent note.
ARKK closed Monday’s session up 2.08% at $48.10, according to Benzinga Pro data.
