Cathie Wood's Ark Pauses Robinhood Selling But Continues To Offload This Crypto-Linked Stock Amid Bitcoin's Rebound

Zinger Key Points
  • Ark's flagship fund currently holds $714.63 million worth of Coinbase shares, giving it a 9.75% weighting in the portfolio.
  • Going by history, Bitcoin could be in for an explosive upside following the halving event this month, says analyst.

Cathie Wood’s Ark Invest, which has been a seller of two crypto-linked stocks for much of this year, on Monday paused the sale of one of them.

What Happened: Ark did not transact in the shares of trading app Robinhood, Inc. HOOD on Monday but it sold more of cryptocurrency exchange Coinbase Global, Inc. COIN.

Ark through its Ark Innovation ETF ARKK, Ark Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF sold 11,775 Coinbase shares valued at $3.03 million. Riding on the rally in cryptocurrencies, Coinbase rallied 6.68% on Monday before closing at $256.99, according to Benzinga Pro data.

On Friday, Ark trimmed 62,615 Coinbase shares, valued at $15.08 million, and 925,585 Robinhood shares worth $17.03 million.

See Also: Best ETFs To Buy Right Now

Why It’s Important: Coinbase is one of the top holdings of Ark’s flagship exchange-traded fund, the ARKK. The fund currently holds $714.63 million worth of Coinbase shares, giving it a 9.75% weighting in the portfolio.

Cryptocurrencies have been on a tear since the start of 2023, with the apex crypto, the Bitcoin BTC/USD seeing particular strength ahead of the halving event.  “The three previous Bitcoin halvings, in 2012, 2016 and 2020, saw an explosive appreciation in the crypto's price occur after the halving took place,” said Benchmark analyst Mark Palmer in a recent note.

ARKK closed Monday’s session up 2.08% at $48.10, according to Benzinga Pro data.

Read Next: ‘Not A Good Omen For Future,’ Says Cathie Wood As Economists Point To Worrisome Trends In Seemingly Strong Jobs Data

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyEquitiesNewsSpecialty ETFsMarketsTrading IdeasETFsARK InvestCathie WoodStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!