Benzinga - by Shanthi Rexaline, Benzinga Editor.
The cryptocurrency space has been volatile of late as mixed headlines have pulled the asset up and down. Cathie Wood’s Ark Investment Management on Monday traded in two crypto-linked stocks, daily trade disclosure from the firm showed.
What Happened: Ark’s fintech-focused actively-traded exchange-traded fund, the Ark Fintech Innovation ETF (NYSE:ARKF) bought 143,063 Robinhood Markets, Inc. (NASDAQ:HOOD) shares. At Monday’s closing price of $8.39, the purchase is valued at $1.2 million.
On the other hand, ARKF sold 43,956 shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) valued at about $5.27 million. Coinbase shares settled Monday’s session at $119.77 by virtue of their 3.66% jump and rose to as high as $121.46 in intraday trading.
The intra-day and closing quotes marked the highest levels since May 5, 2022, and May 4, 2022, respectively.
Despite Monday’s disposal, Coinbase is still ARKF’s top holding with a 13.30% weighting in the fund. Robinhood, meanwhile, is the fund’s 11th biggest holding with a 3.61% weighting.
Why It’s Important: The frenzy around the potential approval of a spot Bitcoin (CRYPTO: BTC) ETF lifted cryptocurrencies since the middle of October. The rally faced a threat from troubles that brewed at cryptocurrency exchange Binance, resulting in volatility in the space.
Wood is bullish on cryptocurrencies and in a recent interview with the Wall Street Journal, she said the apex crypto could rise anywhere between $1 million and $1.5 million in a bull-case scenario.
At last check, Bitcoin traded at $36,930.42, down 1.19%, according to Benzinga Pro data. ARKF ended Monday’s session up 2% at $23.
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Illustration by Benzinga using photo courtesy of Ark Invest.
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