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Home»TRADING NEWS»ARK Invest cashed out on Coinbase, selling 237,000 shares at $140 per share.
TRADING NEWS

ARK Invest cashed out on Coinbase, selling 237,000 shares at $140 per share.

By Crypto FlexsDecember 6, 20232 Mins Read
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ARK Invest cashed out on Coinbase, selling 237,000 shares at 0 per share.
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ARK Invest, a key player in the Bitcoin exchange-traded fund (ETF) race, has made another large sale of Coinbase (COIN) stock, marking one of the largest single-day disposals of 2023. On December 5, ARK unloaded 237,572 Coinbase. With Coinbase stock closing at $140 per share, the stock earned more than $33 million across the three funds. This move follows ARK’s strategic selling trend that saw 201,711 COIN shares taken out of the ARK Innovation ETF (ARKK) and additional volume taken out of the ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW).

Coinbase rebounds amid strong cryptocurrency market

Coinbase’s stock price is on the rise and has surged 280% since the beginning of the year in line with the rise in the cryptocurrency market. The platform’s shares hit a yearly high above $147.4 on Dec. 5, hitting levels not seen since April 2022. The rally was further accentuated by favorable market conditions and legal challenges faced by rival Binance and its former CEO Changpeng Zhao. November Money laundering and sanctions violations.

ARK’s strategic moves in the cryptocurrency market

Despite the recent selloff, ARK Invest still holds a significant amount of COIN stock, with Coinbase being the most important asset in the ARKF ETF portfolio. This represents more than 13% of the fund’s net assets, amounting to nearly $135 million as of December 5. Coinbase also holds a prominent position in the ARKW ETF and ARKK ETF, accounting for 11.72% and 11.64%, respectively.

Continued investment and diversification

ARK Invest is actively selling on Coinbase while also exploring opportunities in other cryptocurrency-related stocks. The company showed interest in Robinhood (HOOD) and continued to acquire shares of SoFi Technologies even after the company announced the end of its cryptocurrency trading services. This strategic move highlights ARK’s commitment to navigating the evolving landscape of the cryptocurrency market.

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