Ark Invest Trims Coinbase and Robinhood Holdings Amid Market Developments

Cathie Wood's Ark Invest made strategic adjustments to its portfolio by offloading $4.4 million worth of Coinbase shares and nearly $4.3 million worth of Robinhood shares on Thursday. The move coincided with market dynamics, including the U.S. approval of spot bitcoin ETFs, leading to fluctuations in both stocks.

Ark Invest's Sell-Off Details:

• The ARK Innovation ETF sold 26,301 shares of Coinbase Global Inc. and 341,592 shares of Robinhood Markets Inc. on Thursday.
• The ARK Next Generation Internet ETF also divested 4,980 Coinbase shares and 23,838 Robinhood shares on the same day.

Market Conditions and Impact on Coinbase and Robinhood:

• Both Coinbase and Robinhood stocks experienced declines on Thursday, influenced by the news of U.S. approval of spot bitcoin ETFs.
• Coinbase, a crypto custodian for several ETFs, closed down 6.7% at $141.16, while Robinhood ended the day lower by 3.5% at $11.71.

Bitcoin ETF Trading Debut:

• The first trading day for spot bitcoin ETFs saw a total trading volume of around $4.53 billion for the 11 instruments.
• BlackRock's spot bitcoin ETF, iShares Bitcoin Trust, emerged as the top performer among new issuers, with a trading volume of approximately $1 billion.
• Grayscale's spot bitcoin ETF, a conversion of its flagship GBTC fund, recorded $2.28 billion in trading volume. Analysts speculate that most of Grayscale's volume could be attributed to selling activities.

Bitcoin Price Movement:

• The price of bitcoin surged above $48,000 before settling around $45,800 on Thursday.
• Bitcoin's market capitalization edged down 0.48% over the past 24 hours to trade at $46,095.

As Ark Invest adjusts its holdings amidst evolving market conditions, the broader cryptocurrency landscape is influenced by factors such as regulatory decisions and the debut of spot bitcoin ETFs. Investors are closely monitoring these developments to navigate the dynamic crypto market.