Cathie Wood’s Ark Invest sold $6.5 million worth of Coinbase Global shares and $5.8 million of Robinhood shares on Thursday, even as both stocks rose alongside bitcoin’s recent surge.
According to Ark Innovation ETF (ARKK) filings, the fund offloaded 16,627 Coinbase shares and 58,504 Robinhood shares. It also sold roughly $1.7 million in Block Inc. stock.
Coinbase recently announced a partnership with Perplexity AI, an AI-driven search engine, to launch a real-time crypto data service. Meanwhile, Robinhood is engaged in discussions with European regulators regarding its tokenization initiative, which aims to offer blockchain-based stock tokens.
The rally in Coinbase and Robinhood stocks came amid bitcoin reaching new all-time highs, hitting $118,080 early Friday — up 6.4% in 24 hours. Ethereum also jumped 8.5% to $3,011.
The firm sold 342,658 shares of Circle (CRCL) on June 16 and another $44.7 million worth on June 17, according to trade disclosures.
However, Robinhood faces scrutiny in the U.S., as Florida’s attorney general opened an investigation into the company’s crypto division over claims it marketed itself as the “least expensive way to purchase crypto.”
Seven out of 12 Bitcoin funds reported net inflows on the same day, with BlackRock’s IBIT leading at $448.49 million and Fidelity’s FBTC following closely with $324.34 million. Ethereum spot ETFs also posted significant inflows, totaling $383 million, marking their second-highest daily record. Ether ETFs have accumulated $5.10 billion in total net inflows so far.
Bitcoin spot ETFs recorded their second-largest daily inflow of $1.18 billion on July 10, driving Bitcoin’s price to a new high of $116,664 before briefly surpassing $118,450.