© Reuters.
NEW YORK – Ark Investment Management, led by CEO Cathie Wood, has been actively adjusting its portfolio in response to cryptocurrency market movements and broader fintech trends. In a strategic shift, Ark divested 10,218 shares of cryptocurrency exchange Coinbase (NASDAQ:) from its ARKK and ARKF ETFs on Monday, making about $1.44 million during a period when bitcoin surpassed the $40,000 mark and where investors were eagerly awaiting decisions on spot Bitcoin ETFs.
The selling came as shares of Coinbase hit a high of $146.30 before closing at $141.09 on Monday. The move follows Ark’s late November sale of more than 118,000 Coinbase shares through ARKW and ARKF, signaling a nuanced approach to the firm’s crypto asset investments during the market’s recovery phase.
Simultaneously, Ark Invest demonstrated its confidence in the fintech sector by purchasing 14,702 shares of Robinhood (NASDAQ:). The exchange’s share price reached $9.55 and was poised to continue its rise after announcing a 4.40% rise in after-hours trading. The rise is partly attributed to news of Robinhood’s expansion into the UK market and positive sentiment surrounding potential Bitcoin ETFs.
Cathie Wood also commented on the importance of Bitcoin in cyber warfare, reflecting increased interest from entities such as the Department of Defense. His remarks highlight the market’s strong confidence in the various applications of cryptocurrencies.
In addition to its cryptocurrency-related deals, Ark has boosted its holdings in fintech by acquiring shares in companies such as Robinhood and expanding into digital payments with investments in Toast Inc. In addition, the significant purchase by Ark stock of PagerDuty Inc indicates that it believes in the growth potential of IT management solutions.
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