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Ark Invest Offloads $21M in Coinbase Shares as COIN Price Surges

Ark Invest Offloads $21M in Coinbase Shares as COIN Price Surges

CryptopotatoCryptopotato2024/03/26 15:16
By:Wayne JonesMore posts by this author

Ark Invest sold 74,291 Coinbase shares across three funds on Monday, amid Bitcoin’s bullish rise boosting COIN prices.

Ark Invest has sold 74,291 Coinbase shares, valued at $20.8 million, across three exchange-traded funds, per their latest trade filing on Monday.

This sale comes following the firm’s sale of over $100 million worth of Coinbase shares last week when the price of COIN reached new yearly highs.

Ark Invest Sells Coinbase Shares

Ark Invest has sold shares from its ETFs: 57,652 from Innovation ETF (ARKK) worth $16.1M, 12,544 from Next Generation Internet ETF (ARKW) worth $3.5M, and 4,095 from Fintech Innovation ETF (ARKF) worth $1.2M.

Ark aims to keep any single holding below 10% of an ETF’s portfolio for diversification, meaning it might keep rebalancing funds if Coinbase’s stock rises.

Coinbase is currently the largest holding in ARKK, ARKW, and ARKF ETFs, weighing 10.6%, 10.9%, and 12.7%, respectively. The market value of ARKK’s Coinbase holdings stands at $826.6 million, with ARKW and ARKF’s Coinbase investments valued at $188.9 million and $147.9 million. Over the past year, ARKK, ARKW, and ARKF have seen gains of 29.5%, 58.2%, and 59.5%, respectively.

Meanwhile, Ark Invest sold $7.9 million of Jack Dorsey’s Block shares and $31.5 million of Robinhood (HOOD) stock on Monday.

Additionally, on Friday, the firm unloaded $5.76 million of HOOD stock, including 229,586 Robinhood shares worth $4.20 million from ARKK, 50,711 HOOD shares worth over $928,000 from ARKW, and 34,492 Robinhood shares valued at over $631,000 from ARKF.

Coinbase Stock on the Rise

On Monday, Coinbase stock closed at $279.71, marking a nearly 10% increase for the day and a 25% rise over the past week. Year-to-date, COIN has surged by 62%, according to TradingView data . Despite this performance, Coinbase shares are trading just 18% below their all-time high of $342.98 in November 2021.

Coinbase’s recent rally occurred amid a broader downturn in U.S. stocks on Monday. The company’s shares have largely mirrored those of the cryptocurrency market, with its surge coinciding with Bitcoin’s rise above the $70,000 threshold.

As of the time of writing, Bitcoin is trading at $70,500, reflecting a 5% increase over the last 24 hours and a 12% rise in the past week.

Meanwhile, the sell-off aligns with Cathie Wood’s pessimistic short-term outlook on crypto stocks. As a result, the firm has divested from Robinhood and Coinbase stocks. However, Ark Invest is reportedly considering an investment in the upcoming Reddit IPO.

You Might Also Like:

  • Why Did ARK Invest Sell $150M Coinbase (COIN) Shares in a Week?
  • Coinbase Insiders Cash Out as COIN Prices Soar 480% YTD: Report
  • Cathie Wood's ARK Bolsters Position with $16M Purchase of Its Bitcoin ETF: Report
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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