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ARK Invest Adjusts Portfolio: Sells $5M in Coinbase, Buys Shares in Robinhood and SoFi

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  • ARK Invest has sold an additional $5 million of Coinbase (COIN) shares, following a similar sale on Monday, while investing in Robinhood (HOOD) and SoFi Technologies (SOFI).
  • The investment firm’s recent actions include a significant purchase of Robinhood shares amid its international expansion efforts and an investment in SoFi as it exits the crypto business.

ARK Invest’s Portfolio Rebalancing

Cathie Wood’s investment management firm, ARK Invest, is making strategic moves in the cryptocurrency and fintech sectors. The firm sold an additional $5 million worth of Coinbase (COIN) shares on Wednesday, following a sale of 43,956 shares on Monday. This decision comes as Coinbase’s stock remains largely static, experiencing a slight decrease of 0.35% at a closing price of $127.82.

Diversifying Investments in Fintech

In contrast to its recent divestment in Coinbase, ARK Invest has been actively increasing its stakes in other fintech companies. Notably, the firm invested $2 million in shares of the trading platform Robinhood (HOOD) and $1.5 million in online bank SoFi Technologies (SOFI). These investments reflect ARK’s broader strategy to diversify its portfolio within the fintech space.

Robinhood’s Growing Appeal

The purchase of Robinhood shares marks ARK Invest’s seventh acquisition of the company’s stock this month. Coinciding with Robinhood’s efforts to expand internationally, including its recent venture into the U.K. stock trading market, ARK has spent approximately $13.5 million on Robinhood shares in November. Robinhood’s stock witnessed a rise of 3.24% to $8.92, possibly influenced by these expansion efforts and ARK’s continued investment.

SoFi’s Strategic Shift

Meanwhile, SoFi Technologies announced its exit from the crypto business, transitioning its customers to Blockchain.com. Despite this significant shift in its business model, SoFi’s stock experienced a marginal drop of 0.14% to $7.35. ARK Invest’s decision to invest in SoFi during this transitional period indicates a potential confidence in the company’s future prospects beyond the crypto sector.

Conclusion

ARK Invest’s recent portfolio adjustments, selling a portion of its Coinbase holdings while investing in Robinhood and SoFi Technologies, highlight the firm’s adaptive investment strategy in the evolving fintech and cryptocurrency landscapes. These moves not only reflect ARK’s response to current market conditions but also its anticipation of future trends and opportunities within these dynamic sectors.

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Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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