Ark Invest sold off $6.5 million worth of Coinbase shares, $5.8 million Robinhood shares, and $1.7 million Block Inc. shares amid a broader crypto market rally.
Cathie Wood’s Ark Invest has rebalanced its financial portfolio by offloading shares from some top crypto-linked financial organizations, including Coinbase, Block Inc., and Robinhood.
This move coincides with the recent price rally in the crypto market. It is worth noting that the prices of the offloaded stocks have also recorded some breakout rallies despite the selloff.
Coinbase and Robinhood Shares Jump by Over 4%
On Thursday, the ARK Innovation ETF (ARKK), managed by Cathie Wood’s firm, sold 16,627 Coinbase shares. At the same time, the fund sold 58,504 Robinhood shares and 24,780 Block Inc. shares valued at about $1.7 million based on the closing price.
The Coinbase shares totaled $6.5 million, while the Robinhood stock was valued at around $5.8 million. The previous day, Coinbase shares went up by 4%, closing at $388.96. Robinhood’s stock saw a similar rally and closed up 4.4% at $98.7, per data from Yahoo Finance. On the other hand, Block Inc. shares saw a drop of 0.36% to close at $68.76.
Meanwhile, the crypto market has seen the price of Bitcoin BTC $115 951 24h volatility: 4.2% Market cap: $2.31 T Vol. 24h: $56.12 B and other digital assets rally at a significant rate within the last 24 hours.
At the time of this writing, Bitcoin was trading at $118,371.29 after gaining 6.59% in 24 hours. This new all-time high is a clear signal that the coin has entered its new price discovery zone.
Ethereum ETH $2 949 24h volatility: 6.5% Market cap: $356.59 B Vol. 24h: $39.25 B has also registered an 8.3% increase within the same time to now trade at $3,007.28. This is a major gain for ETH, especially since the leading altcoin has overcome several challenges on its way to reaching $3,000.
Ark Invest’s sale of Coinbase and Robinhood shares comes just three weeks after it sold a large portion of its Circle (CRCL) shares. The firm had initially bought $373 million worth of Circle shares on the company’s first trading day on the New York Stock Exchange (NYSE) after the IPO.
Ark Invest Offloads Circle Shares Post-IPO
A few days later, Ark Invest sold 196,367 shares from its ARKK fund, 92,310 from ARK Next Generation Internet ETF (ARKW), and 53,981 from ARK Fintech Innovation ETF (ARKF). The total of 342,658 shares sold across all three ETFs amounted to $51.8 million.
Analysts have identified that some Binance whales are behind the massive rally in Bitcoin price, and in their opinion, this makes this rally a one-of-a-kind. Crypto Dan stated that this isn’t just another surge, but one that reflects deep-pocketed players intentionally making investment decisions.
By timing their moves carefully, these players likely aim to kickstart the next phase of the rally. They believe Bitcoin still has room to climb higher in the coming days.
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