Cathie Wood-led ARK Investment Management on Tuesday sold over a million shares of Robinhood Markets Inc HOOD at an estimated valuation of over $9 million. Shares of the brokerage platform closed over 19% lower on Tuesday over the FTX saga.
Cryptocurrency exchange Binance signed a non-binding agreement on Tuesday to buy FTX’s non-U.S. unit to help tide over a liquidity crunch at the rival exchange. Volatility in crypto and crypto-related stocks had ensued earlier when Changpeng Zhao, the founder and CEO of Binance announced his trading platform is about to liquidate its entire FTT FTT/USD holdings.
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Major Purchase: Wood’s funds also bought over 420,000 shares of cryptocurrency exchange platform Coinbase Global Inc COIN at an estimated valuation of over $21 million. The purchase was done via three of the company’s ETFs.
Coinbase is the 11th largest holding of ARK’s flagship fund – the ARK Innovation ETF ARKK with a weight of over 3.94%. Shares of Coinbase closed over 10% lower on Tuesday and shed 1.22% in extended trading after investors were worried about the financials of cryptocurrency exchange FTX.
Coinbase later wrote a blog to calm investors saying it does not have a liquidity problem and that it largely holds its assets in dollars. “We ended Q3 with $5.6 billion in total available $USD resources, including $5B in cash and cash equivalents,” it said.
Image and article originally from www.benzinga.com. Read the original article here.