Ark Invest Offloads Coinbase and Robinhood Shares

Ark Invest, led by Cathie Wood, has sold $6.5 million worth of shares in Coinbase and $5.8 million in Robinhood as both stocks experienced gains amidst a significant increase in bitcoin prices. According to its latest trading disclosures, the ARK Innovation ETF (ARKK) sold 16,627 shares of Coinbase and 58,504 shares of Robinhood. Additionally, it divested 24,780 shares of Block Inc., valued at approximately $1.7 million based on the stock's closing price. Coinbase, a leading cryptocurrency exchange, saw its stock rise by 4%, closing at $388.96. Robinhood's stock also increased, closing up 4.4% at $98.7 according to Yahoo Finance. Block Inc.'s shares remained relatively stable, slipping 0.36% to close at $68.76. Both Coinbase and Robinhood's stock increases coincided with a remarkable rise in bitcoin prices. Early Friday morning, bitcoin surged by 6.4% over the last 24 hours, reaching a new high of $118,080, while ether rose by 8.5% to $3,011, as reported by The Block’s price page. On Thursday, Coinbase announced its partnership with Perplexity AI, an AI-driven search engine startup, to provide real-time cryptocurrency data services, highlighting a significant collaboration between blockchain and AI sectors. In related news, Robinhood is currently engaging with European regulators regarding a new initiative for blockchain-based "stock tokens," as reported by Bloomberg. In the U.S., Florida's attorney general has initiated an investigation into Robinhood Crypto, alleging that it misrepresented itself as the most economical platform for purchasing cryptocurrency. Disclaimer: The Block is an independent media outlet delivering news and data. As of November 2023, Foresight Ventures is a primary investor. Foresight Ventures also invests in various crypto-related companies. Bitget serves as a leading LP for Foresight. The Block operates independently to provide objective information on the crypto industry.