ARK sells 52M shares of Coinbase as the stock price falls above $270
ARK Invest — one of 10 spot Bitcoin (BTC) exchange-traded funds (ETF) issuers in the United States — is taking profits from its Coinbase stash as its share price rises above $270.
According to a trading announcement seen by Cointelegraph, on March 21, ARK sold 199,526 Coinbase shares from ETFs.
The Kathy Wood-founded investment firm dumped 133,533 shares of the ARK Innovation ETF ( ARKK ), worth about $35 million, at Coinbase's closing price of $262 on March 21, according to data from TradingView.
ARK offloaded an additional 59,215 shares from the ARK Next Generation Internet ETF ( ARKW ) and 6,778 shares from the ARK Fintech Innovation ETF ( ARKF ). The total sale price as of March 21 is $52.3 million.
The selloff comes as Coinbase stock continues to see steady growth, rising above $270 for the first time since December 2021. According to TradingView, Coinbase stock briefly surged to $276 on March 21.
ARK's latest Coinbase sale is one of the most significant sales so far in 2024. The previous big sale came on March 11, when ARK sold 270,365 Coinbase shares.
In the year On February 16th, ARK made its largest Coinbase sale of 2024 so far, selling 499,149 COIN shares from the three ETFs. On the day, Coinbase shares traded 37% lower than their current price, or around $190, according to TradingView data.
At the time of this writing, Coinbase shares are up nearly 250% over the past six months.
ARK is actively dumping Coinbase stock in 2023 and early 2024. The company He bought a large amount of Coinbase shares after it went public in 2021.
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In addition to Coinbase, ARK is also actively selling shares of Block, a bitcoin-focused fintech firm founded by Twitter-based (now known as X) co-founder Jack Dorsey.
On March 21, ARK issued another 188,519 block shares worth $15.8 million from its ARKK fund.
In addition, ARK sold 93,002 Robinhood shares from the ARKW ETF when the Robin Hood stock fund's holdings of 5 percent of its portfolio's total weight came close to complying with Rule 12d3-1.
Rule 12d3-1 prohibits ETFs from being purchased by a registered investment adviser, broker, dealer or underwriter for more than 5% of their net asset value.
ARK has been selling Robinhood shares for some time in compliance with Rule 12d3-1. The firm issued 583,563 Robinhood shares from the RKK fund on March 14 without citing Rule 12d3-1 compliance.
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