ARK Invest sells another 166,000 Coinbase shares for $25M
Cathy Wood's ARK Invest Shares of crypto exchange Coinbase (COIN) sold $25 million on Jan. 3, sending the stock down 3% to $152.24. The US-based asset management company has issued more than $125 million in shares since December 2023.
ARK Invest said it bought 105,201 Tesla (TSLA) shares worth about $25.3 million after the Coin Sale in a January 4th posting on X. ARK Innovation ETF (ARKK) bought 91,194 Tesla shares, and ARK Next Generation Internet ETF (ARKW) bought 14,007 TSLA shares.
Although Coinbase stock has continued to sell off recently, ARK still has a large stake in the exchange. Coinbase remains the largest asset in the ARKF ETF portfolio, accounting for more than $145 million in total asset value as of January 4.
Kathy Wood bought some more Tesla $TSLA today
Arc Invest business activity from today 1/3 pic.twitter.com/1jxEIgyBtR
— Ark Invest Daily (@ArkkDaily) January 4, 2024
According to a post by Ark Invest Daily on X, ARK Invest sold 166,183 Coinbase shares on January 3 for more than $25.3 million. The sale included 145,048 shares from ARKK and 21,135 shares from ARKW.
On Dec. 5, ARK sold up to 237,572 Coinbase shares from its three funds, according to a trading announcement seen by Cointelegraph. The sale came on a day when Coinbase stock closed at $140, bringing in at least $33 million in revenue.
Related: ARK Invest Starts Bitcoin ETF ‘Update-Athon' Ahead of Expiry Date
The firm unloaded 201,711 Coinbase shares from the ARK Innovation ETF, sold an additional 28,535 and 7,326 respectively in the ARK Fintech Innovation ETF and the ARK Next Generation Internet ETF.
Elsewhere, ARK Invest has been active, liquidating its remaining holdings of Greyscale Bitcoin Trust (GBTC) worth $200 million on December 28. About $100 million flowed into Bitcoin Futures ETF Bito from the sale of GBTC.
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