ARK Invest has continued its trend from the previous year of offloading its COIN holdings, with a recent sale of $20.6 million worth of Coinbase (COIN) shares. This sale was conducted across three exchange-traded funds (ETFs), with a total of 133,823 COIN traded. Despite this, the existing weight of Ark’s Coinbase stock remains substantial, valued at over $850 million worth of COIN, albeit having dropped by 10.4%.
The sale of COIN aligns with the firm’s long-term goal of maintaining the individual stock value below a 10% weighting of an ETF. COIN has seen its value double over a three-month period, prompting the firm to continue selling the exchange’s shares. This follows a pattern established in 2023 when Ark Invest sold a significant portion of its shares, including 180,422 COIN ($24.3 million) and 99,595 GBTC ($3.5 million) from its Coinbase and Grayscale Bitcoin Trust shares.
Furthermore, the firm offloaded $3.5 million worth of shares from the Next Generation Internet fund and $5.9 million (168,127) worth of GBTC shares. In the fourth quarter of the year, a total of $59 million from its Coinbase shares were sold within a one-week time frame.
Despite these sales, COIN emerged as one of the best-performing stocks in the 4th quarter of the year. However, more recently, Coinbase Global, Inc. (COIN) has seen its price decline significantly, hitting $153.97 in price value, after dropping by -1.04% from the previous day. In the previous month, the company saw its stock surge by a staggering 14.25%, outperforming the 4.37% and 2.75% gains secured by the finance sector and the S&P respectively.
Meanwhile, Ark Invest has begun to profit from its ETF. The firm’s $8 billion Ark Innovation ETF (NYSEMKT: ARKK) has recorded massive growth since its inception, with a 70% upsurge in value last year. Similarly, the Ark Fintech Innovation ETF (NYSEMKT: ARKF) gained 93% in value. A total of 13 investment firms including Ark/21Shares Bitcoin Trust have filed for a Spot Bitcoin Exchange-traded fund.
The market remains focused on the highly anticipated Exchange Traded Fund (ETF) applications, with several investment firms awaiting approval from the U.S Securities and Exchange Commission (SEC).
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Grayscale Bitcoin Trust, U.S Securities and Exchange Commission, Coinbase Global, ARK Invest, Inc., Ark/21Shares Bitcoin Trust |
| Currencies | Coinbase Wrapped Staked ETH, Bitcoin |
| Securities | COIN, NYSEMKT: ARKK, NYSEMKT: ARKF, GBTC |
