Cathie Wood’s ARK dumps 237K Coinbase shares at $140 per stock
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ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) next year, is continuing to rake in the profits made from its large stash of Coinbase (COIN) stock.
On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million.
The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 COIN and 7,326 COIN being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.
Cryptocurrency exchange Coinbase’s stock is
Despite continuing to actively sell Coinbase stock recently, ARK still holds a significant amount of COIN shares as one of its top assets. Coinbase remains the biggest asset in the portfolio of the ARKF ETF, accounting for more than 13% of its net assets with a value of nearly $135 million as of Dec. 5.
COIN also makes up 11.72% and 11.64% of the ARKW ETF and the ARKK ETF, respectively, being the biggest asset for both.
Despite selling COIN, ARK has been actively buying other crypto-related stocks, including Robinhood (HOOD). The firm has also continued buying shares of SoFi technologies even after it announced the upcoming termination of crypto trading services.
