Cathie Wood’s ARK dumps 237,000 Coinbase shares at $140 per share.
ARK Invest, one of the companies hoping to launch a spot Bitcoin exchange-traded fund (ETF) next year, continues to collect profits through a large stake in Coinbase (COIN).
According to a transaction notice seen by Cointelegraph, on December 5, ARK sold 237,572 shares of Coinbase stock across three funds. The sale occurred on a day when Coinbase’s stock price closed at $140 per share, netting at least $33 million.
The trading firm sold 201,711 Coinbase shares in the ARK Innovation ETF (ARKK) alone, and an additional 28,535 COIN and 7,326 COIN in the ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW), respectively.
According to data from TradingView, shares of cryptocurrency exchange Coinbase have surged 280% year-to-date (YTD), hitting a yearly high in line with the strength of the cryptocurrency market. COIN shares have been on the rise since rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States in November.
On December 5, Coinbase shares hit a new record, surpassing $147.4. This is a level not seen since April 2022. The stock is also up nearly 70% in the past 30 days, according to TradingView.
ARK’s latest Coinbase sale is one of the largest single-day COIN sales of 2023, third only to the massive 478,356 COIN sale on July 14th and the 248,838 COIN sale on July 17th. At the time, Coinbase stock was trading around $105.
In addition to the aggressive Coinbase sale, ARK also sold 168,127 shares of Grayscale’s Bitcoin Investment Trust (GBTC). At a closing price of $35, the sale netted $5.9 million, according to TradingView. As Bitcoin headed toward $34,000, the company began selling Grayscale Bitcoin Trust shares on October 23, 2023.
Related: Coinbase launches cryptocurrency transfers via links sent on WhatsApp and Telegram.
Despite continuing to actively sell Coinbase stock recently, ARK still holds a significant amount of COIN stock as one of its top holdings. Coinbase remains the largest asset in the ARKF ETF portfolio, valued at about $135 million as of Dec. 5, accounting for more than 13% of net assets.
COIN also accounts for 11.72% and 11.64% of the ARKW ETF and ARKK ETF, respectively, making it the largest asset in both.
Despite the COIN sell-off, ARK has been actively buying other cryptocurrency-related stocks, including Robinhood (HOOD). The company continued to buy shares of SoFi technology even after it announced the end of its cryptocurrency trading services.
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