Ark Invest Is Selling Coinbase Shares To Buy Robinhood Shares

Ark Invest acquired Robinhood shares by selling another $1.4 million worth of Coinbase shares on Monday.

Ark Invest, owned by Cathie Wood, sold another $1.4 million worth of Coinbase shares on Monday, divesting 10,218 COIN from its two funds.

Ark sold 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and 7,248 ($1 million) from its Next Generation Internet ETF.

Ark sold 37,377 shares of Coinbase ($4.7 million) on Thursday, after previously selling $5.3 million and $4.9 million of COIN shares on Monday and Wednesday, respectively.

Coinbase shares have hit a 20-month high, trading at $141 in pre-market trading, up nearly 70% last month and 286% year-to-date, according to TradingView.

See Also: Ark Invest Sold More Coinbase Shares, 37,377 Shares Sold Yesterday

However, the stock remains over 60% down from its all-time high of $342.98 during the peak crypto bull market in November 2021.

Ark Invest also purchased another 14,702 ($140,000) shares for its Fintech Innovation ETF, adding to the $3 million worth of Robinhood shares it purchased last week.

Ark’s Robinhood acquisitions coincide with the fintech app’s launch of commission-free stock trading in the United Kingdom, while the firm will expand its crypto trading services to the European Union in the coming weeks.