ARK Invest, one of those companies Filed an application for spot bitcoin ,B T c) exchange-traded fund (ETF), is again taking profits on its Coinbase (COIN) shares as the stock price rises.
On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, valuing the transaction at $5.3 million, Trading View data shows.
Coinbase crypto exchange shares see a surge 18 month high After rival exchange Binance and its former CEO Changpeng Zhao convicted of money laundering and violation of sanctions in the United States on November 21, 2023.
Coinbase stock is up 168% over the past year, up more than 220% since January 2023, according to TradingView data. The stock is still down about 70% from its all-time high of $319 posted in September 2021, or a few months Following its trading launch in April 2021,
ARK has been selling Coinbase stock continuously throughout 2023. kathy woodThe investment firm previously sold 63,675 COIN shares from its ARK Next Generation Internet ETF (ARKW) in October, totaling $5.1 million.
there was also an arch Actively selling Coinbase shares In July 2023, when the stock was trading around $90. According to trading data from ARK, the company sold more than $103 million in Coinbase shares in July.
ARK is also actively selling Grayscale Bitcoin Trust (GBTC) stock. On November 24, ARKW sold 94,624 GBTC shares for approximately $3 million Selling approximately 700,000 GBTC shares within a month.
According to Bloomberg ETF analyst Eric Balchunas, ARK’s sale of GTBC is not a sign that the company is not enthusiastic about Bitcoin, or making room for its upcoming spot Bitcoin ETF, ARK Invest and 21Shares (ARKB) . “Neither of them is true,” Balchunas wrote on X (formerly Twitter) on November 27, referring to his previous comments that ARK was potentially selling winners to maintain the desired weight and vice versa.
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“Since GBTC is up 76% since August, ARK will have to sell a lot of shares to maintain its 9%-ish weighting. And even with that sale, its weighting has increased,” the ETF analyst said.
While selling Coinbase and GBTC, ARK is also getting some crypto-related stocks. On November 27, ARKF acquired 252,421 shares of crypto-friendly banking app SoFi. Year to date, ARK purchased a total of 1.6 million SOFI shares, worth $11 million at today’s prices, According For TradingView. ARK is also accumulating shares of crypto-friendly investment app Robinhood. Buying $1.1 million worth of stock On 8th November.
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