ARK Invest Sells Millions in Coinbase Shares, Expands Other Crypto Holdings
Summary:
ARK Invest continues to profit from its vast Coinbase stock, selling up to 237,572 shares across three funds on December 5, earning approximately $33 million. Despite this, Coinbase still forms a large part of the portfolios of its Fintech Innovation and Next Generation Internet ETFs, with an upwards of 11% of the net assets in both. ARK has also been expanding its portfolio of crypto-related shares, investing in companies like Robinhood and SoFi technologies.
ARK Invest, aspiring to unveil a spot Bitcoin ETF in 2024, continues its profitable streak from its hefty stash of Coinbase stocks. On December 5, it unloaded up to 237,572 Coinbase shares from its triple funds portfolio, as per a trade alert witnessed by Cointelegraph. This sale, conducted when Coinbase shares clocked in at $140 each, raked in about $33 million. ARK jettisoned 201,711 Coinbase shares from its ARK Innovation ETF (ARKK), while the ARK Fintech Innovation (ARKF) and the ARK Next Generation Internet ETF (ARKW) discharged an extra 28,535 and 7,326 shares respectively.
With the bullish crypto market, Coinbase, a cryptocurrency exchange, sees its stock marking new annual highs, having soared by 280% throughout the year, as per TradingView's data. Their shares have also notably risen after their competition, Binance, and prior CEO Changpeng Zhao pled guilty to money laundering and violating sanctions in the US in November. On December 5, the Coinbase stock climbed to an unprecedented maximum above $147.4, a peak not attained since April 2022, showing an approximately 70% surge in the past month according to TradingView.
ARK's last sale of Coinbase is one of its largest daily sales in 2023, short only to the 478,356 sales on July 14 and the 248,838 sales on July 17, at which point the Coinbase shares were valued around $105. On top of aggressive Coinbase sales, ARK also sold off 168,127 shares from Grayscale's Bitcoin Trust (GBTC). These shares, valued at the $35 closing cost, resulted in about $5.9 million according to TradingView. This selling spree of Grayscale's Bitcoin Trust shares commenced on October 23, 2023, amidst Bitcoin's rise towards $34,000.
Despite actively unloading Coinbase shares of late, ARK still maintains a considerable shareholding in the exchange. Coinbase is still the primary asset in their ARKF ETF portfolio, constituting over 13% of the net assets worth close to $135 million as of December 5. Coinbase also forms about 11.72% and 11.64% of ARKW ETF and ARKK ETF respectively, making it the most significant asset in both.
While ARK is disposing of Coinbase shares, it has also been buying other cryptocurrency-related shares, including those of Robinhood and continued investment in SoFi technologies, even after it proclaimed the imminent termination of its crypto trading services.
Published At
12/6/2023 11:45:09 AM
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