ARK Invest sells another $25 million worth of Coinbase shares
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ARK Invest, led by Cathie Wood, sold 166,183 shares of Coinbase Global Inc. worth approximately $25.3 million, continuing its trend of selling crypto exchange stocks.
The company’s latest filings show that ARK Innovation ETF (ARKK) sold 145,048 shares of Coinbase on January 3, while ARK Next Generation Internet ETF (ARKW) sold 21,135 shares of the cryptocurrency exchange
The sale comes after ARK Invest divested more than $200 million worth of Coinbase stock in recent weeks, underscoring a major shift in the company’s investment strategy when it comes to cryptocurrency exchanges.
Despite the sell-off, Coinbase’s stock performance has remained impressive, rising more than 300% in the past year. However, the stock closed down 2.96% on Wednesday at $152.24.
ARK continues Coinbase and Robinhood selling spree
On Jan. 2, the company sold 3,360 Coinbase shares worth more than $580,000 and 23,606 Robinhood Markets Inc. shares worth nearly $300,000. This includes sales of various ETFs managed by Ark, such as ARKK, ARKW and the ARK Fintech Innovation ETF (ARKF).
Cryptocurrency exchange Coinbase has gained attention for being selected as a custodian for crypto assets by several traditional financial institutions, including BlackRock, which was one of many companies to apply for a spot Bitcoin exchange-traded fund.
ARK Invest also sold 2.25 million Grayscale Bitcoin Trust (GBTC) shares last week, worth approximately $81 million. Funds from the sale were reallocated to investments in the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and the ProShares Bitcoin Strategy ETF (BITO) as part of the firm’s preparations for possible approval of its own ARKB Spot Bitcoin ETF .
Issuers of spot Bitcoin ETFs, including 11 companies including Ark 21Shares, have revised their proposals to include new authorized participants, fees and other changes and are awaiting a potential approval decision from the U.S. SEC, expected as early as January. Made on the 10th.
