Cathie Wood Juggles Crypto Portfolio: Adds Robinhood, Offloads $5M Of This Stock Amid Multi-Month High, Bitcoin ETF Hype - RH (NYSE:RH), Coinbase Glb (NASDAQ:COIN)
Loading... Loading... Loading...
The cryptocurrency space has been volatile of late as mixed headlines have pulled the asset up and down. Cathie Wood’s Ark Investment Management on Monday traded in two crypto-linked stocks, daily trade disclosure from the firm showed.
What Happened: Ark’s fintech-focused actively-traded exchange-traded fund, the Ark Fintech Innovation ETF ARKF bought 143,063 Robinhood Markets, Inc. HOOD shares. At Monday’s closing price of $8.39, the purchase is valued at $1.2 million.
On the other hand, ARKF sold 43,956 shares of cryptocurrency exchange Coinbase Global, Inc. COIN valued at about $5.27 million. Coinbase shares settled Monday’s session at $119.77 by virtue of their 3.66% jump and rose to as high as $121.46 in intraday trading.
The intra-day and closing quotes marked the highest levels since May 5, 2022, and May 4, 2022, respectively.
Despite Monday’s disposal, Coinbase is still ARKF’s top holding with a 13.30% weighting in the fund. Robinhood, meanwhile, is the fund’s 11th biggest holding with a 3.61% weighting.
See Also: Best Cryptocurrencies To Invest In 2023
Why It’s Important: The frenzy around the potential approval of a spot Bitcoin BTC/USD ETF lifted cryptocurrencies since the middle of October. The rally faced a threat from troubles that brewed at cryptocurrency exchange Binance, resulting in volatility in the space.
Wood is bullish on cryptocurrencies and in a recent interview with the Wall Street Journal, she said the apex crypto could rise anywhere between $1 million and $1.5 million in a bull-case scenario.
At last check, Bitcoin traded at $36,930.42, down 1.19%, according to Benzinga Pro data. ARKF ended Monday’s session up 2% at $23.
Illustration by Benzinga using photo courtesy of Ark Invest.