ARK Invest Trades $5M in Coinbase Shares for Robinhood, SoFi

• ARK Invest Adjusts Portfolio, Sheds Coinbase and Boosts Stake in Robinhood and SoFi Technologies
• Offloading of Coinbase Shares Continues
• ARK's Continued Investment in Robinhood
• SoFi Technologies' Strategic Exit from Crypto Business
• Speculations on Gary Gensler's Political Ambitions and BTC ETF Judgement

ARK Invest Adjusts Portfolio, Sheds Coinbase and Boosts Stake in Robinhood and SoFi Technologies

ARK Invest, the investment management firm spearheaded by Cathie Wood, has made adjustments to its portfolio. The firm unloaded further $5 million worth of Coinbase (COIN) shares on Wednesday. Simultaneously, it bolstered its positions in trading platform Robinhood (HOOD) by buying $2 million of shares, and in online bank SoFi Technologies (SOFI) by purchasing $1.5 million worth of shares.

Offloading of Coinbase Shares Continues

The sale of 38,668 COIN shares emanates from the Ark Fintech Innovation ETF (ARKF). This follows the earlier offload of 43,956 shares on Monday. Despite these activities, COIN shares remained somewhat static on Wednesday, experiencing a modest dip of 0.35% to close at $127.82.

ARK's Continued Investment in Robinhood

The purchase of HOOD shares marked ARK's seventh for the month, aligning with Robinhood's initiation of stocks trading in the U.K., which is their third international expansion attempt. Based on closing prices, ARK's total expenditure on Robinhood this month stands at approximately $13.5 million. This investment seems to bolster Robinhood's performance, as its shares saw an uplift of 3.24% to close at $8.92 on Wednesday.

SoFi Technologies' Strategic Exit from Crypto Business

In other news, SoFi Technologies announced its withdrawal from the crypto business, transferring its customers to Blockchain.com. Following this announcement, SOFI shares fell slightly by 0.14% to end at $7.35.

Speculations on Gary Gensler's Political Ambitions and BTC ETF Judgement

While ARK Invest makes its strategic moves, discussions are ongoing about Gary Gensler's political ambitions potentially impacting the judgement on Spot BTC ETF.

Edited by Jonathan Stoker