ARK Invest Offloads Significant Cryptocurrency-Related Stocks, Boosts Bitcoin ETF Exposure
Summary:
ARK Invest, the issuer of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the US, has liquidated some major cryptocurrency-related stocks for the first time this year, including 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares. This notable sale amasses $34 million, aligned with Coinbase's closing price. ARK’s move coincides with COIN surpassing its 2024 highs and steadily approaching its previous record. Additionally, ARK’s ARKW fund has sold a noteworthy amount of Robinhood shares, conforming to ETF restrictions. The spot Bitcoin ETF continues to enhance its Bitcoin exposure, with 24,925 BTC assigned to the fund at the time of writing.
ARK Invest, a leading initiator of a Bitcoin (BTC) spot exchange-traded fund (ETF) in the US, has reportedly made its first significant sales in cryptocurrency-related stocks this year. Data reveals that on February 14, ARK offloaded 214,068 shares in Coinbase (COIN) and 119,394 in Robinhood (HOOD) from its ETFs, as confirmed by a trade notification viewed by Cointelegraph. From the ARK Innovation ETF (ARKK) alone, 152,600 shares of Coinbase were sold, while ARK's Fintech and Next Generation Internet ETFs (ARKF and ARKW, respectively) sold 31,459 and 30,009 additional shares. The full amount of the sale reached $34 million, calculated with the Wednesday closing price of Coinbase at $160.4, as per TradingView data. The sale coincides with COIN surpassing its 2024 highs and rising above $160 - a first since the days preceding Bitcoin ETF in early January. The stock is inching towards surpassing its November 2023 record of $173. Meanwhile, ARK's ARKW ETF sold 119,394 shares in Robinhood - a firm it had previously been accumulating - for roughly $1.5 million, given HOOD's February 14 closing price. The sale was made in compliance with Rule 12d3-1, which restricts ETFs from purchasing over 5% of the value of its total assets in securities by a registered investment advisor, broker, dealer, or underwriter. As of February 15, Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood are the top holdings in ARKW's portfolio. Furthermore, ARK's spot Bitcoin ETF is increasing its Bitcoin exposure; on February 15, the ARK 21Shares Bitcoin ETF (ARKB) acquired another 1,960 BTC, up from 1,625 BTC on its original day of trade. ARK's Bitcoin ETF has so far assigned 24,925 BTC, cumulatively valued at $1.3 billion according to the current Bitcoin price on CoinGecko.
Published At
2/15/2024 11:56:05 AM
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