Led by renowned investor Cathie Wood, ARK Invest has made strategic adjustments to its portfolio with a series of notable moves. He sold $5 million worth of Coinbase (COIN) shares, for a total of 38,668 shares.
ARK Invest Continues Strategic Portfolio Adjustments
Ark Fintech Innovation ETF (ARKF) sold 38,668 COIN shares, a continuation of the firm's recent adjustments to its holdings.
This move follows a similar disposal of 43,956 COIN shares the previous Monday.
Contrary to the decrease in Coinbase assets, ARK Invest announced that it has made strategic acquisitions in the financial field.
The firm purchased $2 million worth of shares from Robinhood (HOOD) and $1.5 million worth of shares from online banking platform SoFi Technologies (SOFI).
ARK's purchase of Robinhood shares amounted to $ 2 million and was the seventh time it purchased HOOD shares this month.
The move coincides with ARK's latest attempt to offer share trading in the UK and represents its third attempt at international expansion.
Despite market challenges, Robinhood shares rose 3.24% to $8.92 on Wednesday.
*This is not investment advice.