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Cathie Wood’s Ark Invest, a major investment management firm, offloaded over $54 million worth of Coinbase (COIN) and Robinhood (HOOD) stocks lately. The dump comes amid a rally for the COIN and HOOD stocks as they attained a fresh 52-week high recently. 
<h2 id="cathie-wood-led-ark-invest-divests-coinbase-robinhood-stocks">Cathie Wood-led Ark Invest Divests Coinbase &amp; Robinhood Stocks</h2> 
Cathie Wood’s Ark Invest divested around $52.27 million of <a href="https://coingape.com/hedera-hbar-joins-ukcbc-alongside-ripple-coinbase/" target="_blank" rel="noopener">Coinbase</a> stock in the last trading session. On Thursday, March 21, Ark Invest dumped 133,533 Coinbase shares from its ARK Innovation ETF (ARKK). The selloff was worth $34.98 million. 
In addition, the Cathie Wood-led organization dumped 59,125 shares of Coinbase from ARK Next Generation Internet ETF (ARKW) worth $15.49 million. Moreover, Ark Fintech Innovation ETF (ARKF) initiated a Coinbase stock selloff of 6,778 shares worth $1.77 million. 
Furthermore, Cathie Wood’s firm divested 96,003 Robinhood shares worth $1.77 million from ARKW on Thursday, March 21. Hence, the total divestment amounts to $54.04 million. Whilst, the <a href="https://coingape.com/crypto-stocks/hood/" target="_blank" rel="noopener">HOOD stock</a> closed at $19.09, gaining 2.86%. 
Moreover, the Robinhood stock gained 0.21% to $19.13 in the pre-market session on Friday, March 22. Meanwhile, the <a href="https://coingape.com/crypto-stocks/coin/" target="_blank" rel="noopener">COIN stock</a> surged 1.99% and closed at $262.00 on Thursday. However, it didn’t note a change in the pre-market trading session today. 
Also Read:&nbsp;<a href="https://coingape.com/coinbase-news-fantom-thorchain-price-rally-amid-futures-listing/" target="_blank" rel="noopener">Fantom &amp; THORChain Price Rally Amid Coinbase Futures Listing</a> 
<h2 id="reddit-ipo-investment">Reddit IPO Investment</h2> 
The Reddit (RDDT) stock opened trading on Thursday and witnessed a phenomenal surge. The popular social media organization’s IPO was deemed successful as the stock rallied over 48% on the first day of trading. The RDDT stock was up by 48.35% and closed at $50.44 on Thursday, according to <a rel="nofollow" href="https://finance.yahoo.com/quote/RDDT/news" target="_blank">Yahoo Finance</a>. 
Furthermore, Cathie Wood’s Ark Invest bought a significant amount of Reddit <a href="https://coingape.com/reddit-ipo-success-to-fuel-companys-ai-exploration-report/" target="_blank" rel="noopener">Reddit</a> shares during the debut. The firm added a total of 9,982 Reddit shares worth over $503,000 to ARKW and ARKF. However, the RDDT stock witnessed a slump in the pre-market session today. At press time, the Reddit stock was down by 4.46% to $48.19. 
Also Read:&nbsp;<a href="https://coingape.com/reddit-lists-on-nyse-with-47-stock-price-valuation-tops-estimates/" target="_blank" rel="noopener">Reddit Lists on NYSE With $47 Stock Price; Valuation Tops Estimates</a> 
The post <a href="https://coingape.com/cathie-wood-ark-invest-dumps-54m-coinbase-robinhood-stocks/">Cathie Wood’s Ark Invest Dumps $54M Coinbase &amp; Robinhood Stocks</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cathie Wood’s Ark Invest Dumps $54M Coinbase & Robinhood Stocks

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