ARK will drop the first shares of Coinbase and Robinhood from January
ARK Invest – one of the spot Bitcoin (BTC) exchange-traded fund (ETF) issuers in the United States – has sold some major cryptocurrency-related stocks for the first time this year.
On Feb. 14, ARK removed 214,068 Coinbase ( COIN ) shares and 119,394 Robinhood ( HOOD ) shares from ETFs, according to a trade announcement seen by Cointelegraph.
The firm unloaded 152,600 Coinbase shares from the ARK Innovation ETF ( ARKK ), with an additional 31,459 and 30,009 sold in the ARK Fintech Innovation ETF ( ARKF ) and ARK Next Generation Internet ETF ( ARKW ), respectively. According to TradingView, the total sales were $34 million.
ARK's latest Coinbase sale comes in early January, when COIN broke the 2024 all-time high above $160 for the first time since the pre-Bitcoin ETF days.
Coinbase stock is on the verge of breaking through its November 2023 all-time high of $173. The previous high was posted around $320 in September 2021, according to data from TradingView.
Additionally, ARK's ARKW Fund sold 119,394 shares of Robinhood, which the firm had previously been actively collecting. The sale totaled about $1.5 million, based on HOOD's closing price on Feb. 14.
According to the firm, ARKW HOOD was sold to comply with Rule 12d3-1, which prohibits ETFs from buying more than 5% of their total assets in securities through a registered investment adviser, broker, dealer or underwriter.
Previously, ARK bought 42,129 HOOD shares worth about $490,000 on February 13 and 120,020 shares of Robinhood on February 7 for $1.3 million.
RELATED: Coinbase rises 37% as BTC pumps and analysts deliver strong Q4 results.
As of February 15, ARKW's top holdings include Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood. Coinbase and Roku make up 9.5% and 7.7% of the fund's allocation, respectively, while the ARK Bitcoin ETF holds 7.6%.
The news comes as the ARK Space Bitcoin ETF continues to rise. In the year On February 15, ARK 21Shares Bitcoin ETF (ARKB) bought 1,960 BTC, or just 1,625 BTC more than ARKB held on the first day of trading.
The ARK Spot Bitcoin ETF has so far allocated a total of 24,925 BTC, worth $1.3 billion at the time of writing, according to Bitcoin prices on the CoinGecko website.
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