Ark Invest sells $6.5 million in Coinbase shares, $5.8 million in Robinhood amid crypto market rally

Cathie Wood's Ark Invest offloaded $6.5 million worth of Coinbase Global shares and $5.8 million of Robinhood shares on Thursday, as both stocks rose amid a surge in bitcoin prices.

The ARK Innovation ETF (ARKK) sold 16,627 Coinbase shares and 58,504 Robinhood shares on Thursday, according to its latest trade filing. It also offloaded 24,780 shares of Block Inc., worth roughly $1.7 million based on the stock's closing price.

Coinbase, a major crypto exchange, saw its stock rise 4% to close at $388.96 yesterday, while Robinhood's stock closed up 4.4% at $98.7, according to Yahoo Finance data. Shares of Block Inc. were little changed, slipping 0.36% to close at $68.76.

The gains in Coinbase and Robinhood shares came as bitcoin continued to reach new all-time highs. On early Friday morning, the world's largest cryptocurrency rose 6.4% in the past 24 hours to hit a new high of $118,080 at the time of writing, while ether jumped 8.5% to $3,011, according to The Block's price page.

On Thursday, Coinbase announced that it has partnered with Perplexity AI, the artificial intelligence-powered search engine startup, on a real-time crypto data service, marking the latest high-profile collaboration between leading blockchain and AI firms.

In recent news, Robinhood is in talks with European regulators about its new tokenization initiative, which offers blockchain-based "stock tokens," according to Bloomberg. 

Meanwhile in the U.S., Florida's attorney general launched an investigation into Robinhood Crypto on Thursday for allegedly misrepresenting itself as the "least expensive way to purchase crypto."