ARK Invest Offloads $5.26M Coinbase Shares Amidst 19-Month Price Peak

• ARK Invest Trades Shares of Coinbase as Crypto Exchange Peaks
• Details of the Share Sale
• Investments in Robinhood
• ARK Invest's Trading Strategy

ARK Invest Trades Shares of Coinbase as Crypto Exchange Peaks

ARK Invest, led by Cathie Wood, has offloaded approximately $5.26 million of Coinbase (COIN) shares. This occurrence coincided with the crypto exchange's rise to a 19-month closing high on Monday.

Details of the Share Sale

The Ark Fintech Innovation exchange-traded fund (ETF) reported the sale of 43,956 COIN shares on the day when the crypto exchange hit a closing high of $119.77 on the Nasdaq market. Notably, this marks the highest closing price for COIN since April 2022. Interestingly, this sale is the most substantial since July 25, when the ARK Next Generation Internet ETF offloaded more than 53,000 COIN shares. However, the latter occurred at a lower price and hence, the total value was less.

Investments in Robinhood

On the same day, the Ark Fintech Innovation ETF also acquired 143,063 shares of the trading platform Robinhood (HOOD). This investment amounted to $1.2 million based on Monday's closing price. As per reports, this is ARK Invest's fifth purchase of HOOD shares within the month.

ARK Invest's Trading Strategy

ARK Invest has a known strategy of investing heavily in crypto-related shares during a downturn. Conversely, when the shares start showing a bullish trend, they often sell them off to secure some profits.

Edited by Jonathan Stoker