Ark Invest sells $5 million Coinbase shares, buys $2 million more in Robinhood as fintech app onboards UK clients
Quick Take
- Ark Invest sold another 38,668 Coinbase shares on Wednesday — worth $4.94 million — following the $5.3 million COIN stock it sold on Monday.
- Ark also bought a further 221,759 shares of Robinhood ($1.97 million), adding to the $1.2 million it picked up at the beginning of the week as Robinhood begins rolling out its commission-free stock trading in the UK.
Cathie Wood’s Ark Invest sold another $4.94 million worth of Coinbase shares on Wednesday, offloading 38,668 COIN following the $5.3 million in Coinbase stock it sold on Monday — over $10 million for the week. Ark also bought a further 221,759 shares of Robinhood, worth $1.97 million, for its Ark Fintech Innovation ETF, according to the company’s latest trade filing. That is in addition to the 143,063 ($1.2 million) Robinhood shares Ark added to the fund on Nov. 27.
Coinbase stock currently trades at $127.35 in pre-market trading, up more than 20% this week and 250% year-to-date, reaching the highest level in 18 months, according to TradingView. However, the stock is still down over 60% from an all-time high of $342.98 in November 2021.
COIN/USD price chart. Image: TradingView.
Robinhood stock is priced at $9.08 in pre-market trading — up 11% this week and 8% year-to-date. The shares are still down over 80% from a peak of $55.01 in August 2021, according to TradingView.
HOOD/USD price chart. Image: TradingView.
Robinhood’s UK launch and EU expansion
Ark Invest has now picked up over $3 million worth of Robinhood shares this week, coinciding with the fintech app’s international debut with commission-free stock trading in the UK, Bloomberg reported today. The company has begun gradually onboarding clients, ready for the service to be “immediately available” in 2024.
“We’d like to help lower fees for all customers in the UK, just like we did in the U.S. back in 2019, right before Covid,” Robinhood CEO Vlad Tenev told Bloomberg.
As The Block previously reported, Robinhood is also set to expand its crypto trading services to the European Union in the coming weeks amid disappointing Q3 results for the fintech firm.
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