Cathie Wood’s ARK drops 237K Coinbase shares at $140
In the year ARK Invest, one of the firms hoping to launch a Bitcoin exchange-traded fund (ETF) space in 2024, continues to reap profits from its large Coinbase holdings.
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.
The firm unloaded 201,711 Coinbase shares from the ARK Innovation ETF ( ARKK ) alone, with an additional 28,535 and 7,326 sold in the ARK Fintech Innovation ETF ( ARKF ) and ARK Next Generation Internet ETF ( ARKW ).
Shares of cryptocurrency exchange Coinbase are posting new annual highs in line with the crypto market's 280% year-to-date (YTD) surge, according to data from TradingView. Coinbase shares were also rallying after rival exchange Binance and former CEO Changpeng Zhao pleaded guilty to counterfeiting and sanctions violations in the United States in November.
On December 5, Coinbase stock hit a new record high of $147.4, a level not seen since April 2022.
Coinbase's latest sale of ARK is one of the biggest single day sales of 2023, third only to the massive 478,356 sale on July 14 and the 248,838 sale on July 17.
In addition to the brutal Coinbase sale, ARK sold 168,127 shares of Grayscale Bitcoin Trust (GBTC). At a closing price of $35, the sale earned $5.9 million, according to TradingView. The company began selling Greyscale Bitcoin Trust shares on October 23, 2023, when Bitcoin was heading towards $34,000.
Related: Coinbase issues crypto transfers via WhatsApp, Telegram links
Although Coinbase's stock continues to be actively traded recently, ARK still holds a significant amount of shares in the exchange. Coinbase remains the largest asset in the ARKF ETF portfolio, accounting for more than 13% of its net assets as of December 5.
Coinbase is the largest asset for both the ARKW ETF and ARKK ETF with 11.72% and 11.64% respectively.
Despite selling Coinbase, ARK is buying other crypto-related stocks, including Robinhood. Even after the company announced the upcoming discontinuation of its crypto trading services, it continues to buy shares of Sofi Technologies.
Magazine: Bitcoin ETF Seed Has New Player, Binance Ends BUSD Support, and More: Hodler's Digest: November 26 – December 2
