As the crypto market rallies, Cathie Wood’s Ark Invest has taken the opportunity to trim its holdings in several high-profile tech and fintech stocks. On Thursday, the investment firm sold $6.5 million worth of Coinbase shares and $5.8 million in Robinhood stock, capitalizing on recent price gains tied to surging Bitcoin and Ethereum prices.
According to Ark’s daily trade disclosure, the ARK Innovation ETF (ARKK) sold 16,627 shares of Coinbase Global Inc. and 58,504 shares of Robinhood Markets Inc. The firm also offloaded 24,780 shares of Block Inc., worth about $1.7 million based on Thursday’s closing price.
The sales followed a strong day for crypto-related equities. Coinbase shares rose 4% to close at $388.96, while Robinhood gained 4.4% to end at $98.70, according to Yahoo Finance. Block Inc. saw minimal movement, closing slightly down at $68.76.
The market’s upward momentum came as Bitcoin reached a new all-time high, climbing 6.4% in 24 hours to hit $118,080 early Friday. Ethereum also surged, jumping 8.5% to $3,011, reflecting a broader wave of enthusiasm across the digital asset space.
Coinbase and Robinhood in the Spotlight
Coinbase continues to position itself at the intersection of blockchain and emerging technologies. On Thursday, it announced a new partnership with Perplexity AI, a startup focused on AI-powered search. The collaboration aims to deliver real-time crypto data services, strengthening Coinbase’s role in the data and analytics side of crypto markets.
Robinhood, meanwhile, is expanding its blockchain ambitions. The company is in talks with European regulators about launching tokenized stock offerings, allowing users to buy shares on the blockchain. The move aligns with growing interest in asset tokenization among traditional and crypto-native investors.
However, not all news was positive for Robinhood. On the same day as the stock rally, Florida’s attorney general launched an investigation into Robinhood Crypto, alleging that the company may have misrepresented itself as the cheapest way to buy crypto in the U.S.
Strategic Rebalancing or Profit-Taking?
Ark Invest’s recent moves suggest a tactical approach to the crypto rally—locking in gains while maintaining flexibility. Cathie Wood’s firm is known for its high-conviction bets on innovation-driven companies, but it also actively rebalances in response to market conditions.
Given the strong performance of Coinbase and Robinhood, trimming positions may simply reflect prudent profit-taking rather than a shift in Ark’s long-term thesis.
