ARK Invest Sells Another $5M of Coinbase Shares; Buys Robinhood, SoFi

Cathie Wood’s investment management firm ARK Invest sold a further $5 million worth of Coinbase (COIN) stock on Wednesday while buying $2 million of shares in trading platform Robinhood (HOOD) and $1.5 million of online bank SoFi Technologies (SOFI).

The sale of 38,668 COIN shares from the Ark Fintech Innovation ETF (ARKF) follows the offload of 43,956 shares on Monday. COIN was largely static on Wednesday, closing down 0.35% at $127.82.

The HOOD purchase was ARK’s seventh of the month, and coincides with the firm starting to offer stocks trading in the U.K., its third attempt at international expansion. ARK has spent some $13.5 million on Robinhood this month, based on closing prices. The shares rose 3.24% to $8.92 on Wednesday.

SoFi Technologies, meanwhile, said it was exiting the crypto business, handing its customers over to Blockchain.com. SOFI fell 0.14% to $7.35.

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2023-11-30 12:46