YEREVAN (CoinChapter.com) — Ark Invest, the investment management firm led by Bitcoin (BTC) bull Cathie Wood, has sold more Coinbase (NASDAQ: COIN) shares. This is the sixth recent instance that the firm has offloaded shares of the company which runs the largest cryptocurrency exchange in the United States. Meanwhile, ARK continues to purchase Robinhood shares.
According to reports, Ark Invest sold 10,218 Coinbase shares at a cumulative value of $1.4 million. On Nov. 29, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) offloaded 37,377 Coinbase shares worth almost $5 million. Overall, ARK has sold over 30,000 COIN shares, valued at around $16 million.
The move is not surprising. The share price of Coinbase has increased 80% since Nov. 1. Year to date, COIN stock is up around 320%.
Ark Invest buys more Robinhood shares
While the Cathie Wood-led firm continues to sell Coinbase shares, it does not mean the firm is bearish on the fintech industry. Instead, it acquired an additional 14,702 shares of Robinhood (NASDAQ: HOOD), taking the weekly total to $3 million.
Over the past week, Robinhood share price has surged around 20%. While writing, it exchanges hands at $10.53 per share, according to Google Finance.
Last week, Robinhood also unveiled plans for expansion into the United Kingdom, a strategic move aimed at capturing a larger market share. This, along with the anticipation of spot Bitcoin ETFs, has helped the exchange increase its user base. This is also reflected in the increase in the HOOD stock price.
Meanwhile, despite the recent sales, Coinbase remains the number one asset on the ARK ETF portfolio. COIN also constitutes around 12% in both the ARKW ETF and the ARKK ETF, making it the largest asset in both portfolios.
In contrast, Robinhood shares account for less than 5% of the ARK Fintech Innovation ETF portfolios.
