Ark Invest Increases Coinbase and Robinhood Exposure Amid Broader Risk-Off Sentiment
Ark Invest bought significant shares of Coinbase and Robinhood across its ETFs despite a general market downturn.Summary
On March 3, Cathie Wood's Ark Invest purchased shares of Coinbase (COIN) and Robinhood (HOOD) through its ARKK, ARKW, and ARKF exchange-traded funds, signaling continued conviction in crypto-adjacent equities despite a broader market risk-off sentiment that saw both stocks decline.
The firm acquired 22,452 COIN shares, potentially worth $4.09 million, and 158,587 HOOD shares, valued around $12.06 million, based on prior closing prices. Coinbase is the 7th largest position in the ARK Innovation ETF (ARKK) with a 4.30% weighting, while Robinhood ranks 8th with a 4.18% weighting in the same fund.
This buying spree occurred while Ark trimmed positions in other stocks like Roku and Pinterest. The move highlights Ark's strategy of buying dips in crypto-sector stocks amid macro uncertainty.
(Source：BeInCrypto)