Ark Invest offloads $4.4 million in Coinbase shares, $4.3 million in Robinhood

Cathie Wood’s Ark Invest offloaded $4.4 million worth of Coinbase shares and nearly $4.3 million worth of Robinhood shares on Thursday with both stocks dropping at market close.

The firm’s ARK Innovation ETF sold 26,301 shares of Coinbase Global Inc. and 341,592 shares of Robinhood Markets Inc. on Thursday, according to its latest trade filing. The ARK Next Generation Internet ETF also offloaded 4,980 Coinbase shares and 23,838 Robinhood shares on the same day.

Both Coinbase and Robinhood stocks closed lower on Thursday as investors weighed the news of the U.S. approval of spot bitcoin ETFs — which commenced trading on Thursday. Coinbase serves as a crypto custodian to several such ETFs, and Robinhood has started offering spot Bitcoin ETFs for clients with retirement and brokerage accounts.

Coinbase shares closed down 6.7% at $141.16, and Robinhood ended the day lower by 3.5% at $11.71.

The price of bitcoin surged above $48,000 before dropping to around $45,800 on Thursday. The world’s largest cryptocurrency by market capitalization edged down 0.48% over the past 24 hours to trade at $46,095 at 11:15 a.m. Hong Kong time on Friday, according to The Block data.

First day of trading

In the first trading day for spot bitcoin ETFs, the total trading volume for the 11 instruments totaled around $4.53 billion, according to Yahoo Finance data compiled by The Block.

BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust, was the top performer among new issuers, with its trading volume amounting to around $1 billion on the day.

Grayscale’s spot bitcoin ETF, which is a conversion of its flagship GBTC fund, recorded $2.28 billion in trading volume on Thursday. Eric Balchunas, senior ETF analyst of Bloomberg Intelligence, speculated in a post on X that most of Grayscale’s volume could be “all selling.”

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