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Ark Invest offloads 1.4M Coinbase shares, boosts Robinhood position

Market and Events: Ark Invest offloads 1.4M Coinbase shares, boosts Robinhood position

Ark Invest, the investment fund led by #Cathie Wood, has made a notable move in the market. While the price of COIN, the stock for Coinbase, has been on the rise, Ark Invest has decided to sell over 10,000 shares of #Coinbase. This move comes after last week's sale of $15 million worth of Coinbase shares. Despite the recent decline from its all-time high in November 2021, the price of Coinbase shares has reached its highest level since April 2022. As of December 5, 2023, a Coinbase share is trading around $140.

In contrast to the sale of Coinbase shares, #Ark Invest has taken the opportunity to purchase almost 15,000 shares of Robinhood. This adds to the $3 million worth of Robinhood shares acquired last week. #Robinhood, the popular investment platform, is expanding its services internationally. It recently launched commission-free stock trading in the United Kingdom and has plans to expand its cryptocurrency trading services in the European Union. Ark Invest's increased investment in Robinhood reflects its confidence in the platform's growth potential.

Overall, Ark Invest's recent moves show a strategic approach to adjusting its portfolio. While selling some Coinbase shares, it has seized the opportunity to acquire more Robinhood shares, aligning with the platform's expansion plans and potential for continued success.

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