Ark Invest Buys Coinbase and Robinhood Shares as Crypto Market Regains Momentum

Cathie Wood Ark Invest has bought more Coinbase (COIN) and Robinhood (HOOD) stocks after periods of offloads. The asset manager continues to reshape its holdings as the market swings draw users' attention.

Cathie Wood’s Ark Invest has bought more Coinbase (COIN) and Robinhood (HOOD) stocks following periods of selloffs. The asset manager continues to reshape its holdings as the market rally draws users’ attention.

The crypto market has gained momentum after the previous correction sparked by macroeconomic factors.

Ark Invest Buys Coinbase Shares

Ark Invest purchased more Coinbase stock on Aug 6, increasing its holdings as crypto stocks rally. The company added 13,833 COIN stocks, worth approximately $2.6 million, to its portfolio, along with 84,080 HOOD stocks, valued at over $1.4 million. Both stocks closed at $194.17 and $17.21, respectively, in the last trading day.

This follows the asset manager’s recent repurchase of the stock of the publicly listed crypto exchange. On Aug 5, the company bought 93,797 shares for about $17.8 million. Ark Invest’s repositioning of COIN and related stocks began due to the decline in Bitcoin price, which saw the asset trade below $50,000 for the first time in five months. Drops in the asset’s prices directly impact crypto stocks, leading to slight reductions across exchange and Bitcoin mining stocks.

However, recent upticks in the crypto and global financial markets have trickled into digital asset stocks. COIN is up 2.48% in the last 24 hours and remains on the portfolio of traders for positive estimates. Coinbase reported better-than-expected revenue of $1.4 billion, beating estimates.

Cathie Wood’s Ark Looks To Robinhood

While Coinbase continues to attract traders during a market rebound after days in the doldrums, other related stocks also caught the eye of investors. Cathie Wood increased HOOD holdings by 84,080 shares as the company stock rose. The crypto-friendly firm is tipped to post better-than-expected Q2 earnings amid positive trading in the last three months.

However, Ark Invest offloaded Block Inc., Amazon, and UIPATH Inc. among others. The wealth manager is popular among crypto circles for its related trades of crypto stocks.

The above is the detailed content of Ark Invest Buys Coinbase and Robinhood Shares as Crypto Market Regains Momentum. For more information, please follow other related articles on the PHP Chinese website!