Cathie Wood Sells Off Coinbase (COIN) Stock While Picking Up More Robinhood (HOOD) Shares

ARK Invest founder and CEO Cathie Wood is selling off tens of thousands of shares in the top US crypto exchange Coinbase (COIN).

According to the latest reported sales by Ark Invest, ARK sold 43,956 shares of Coinbase on Monday as COIN soared to $120.

COIN was trading for $128.27 at market close on Tuesday, its highest closing price since April 2022.

While ARK sold Coinbase shares, the Ark Fintech Innovation ETF added to its holdings of trading platform Robinhood with a purchase of 143,063 additional shares worth about $1.2 million at the time.

Robinhood (HOOD) was trading Tuesday at market close for $8.64, up nearly 3% on the day.

Other recent notable ARK moves include the sale of 36,168 shares of Grayscale Bitcoin Trust (GBTC) on November 22nd and 32,980 GBTC shares on November 21st for more than $2 million.

At the close of the market Tuesday, GBTC was trading for $31.51, up more than 4.60% on the day.

Earlier this month, Wood said that key metrics were confirming that Bitcoin (BTC) is in a true bull market.

“The health of the network is almost as good as it gets. And it seems like this is a bull market. Sure, we’ll have puts and takes. Nothing goes straight up. But I think there’s a flight to quality. [BlackRock CEO] Larry Fink used that expression. We call it a flight to safety.”

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