Cathie Wood’s Ark Invest sold an additional 148,885 shares of Coinbase stock worth about $27.58 million on Wednesday and bought $92 million worth of ProShares Bitcoin Strategy ETF (BITO), according to the company’s latest trading filing.
The ARK Next Generation Internet ETF (ARKW) sold shares of Coinbase on Wednesday. This comes after the company has already sold more than $200 million worth of Coinbase stock over the past month.
On this day, Coinbase’s stock price closed at $185.24, up 7.67%.
The company sold off a large chunk of Coinbase stock this month. We continued to rebalance the fund weights. While stock prices are soaring. Coinbase shares are up 54.6% over the past month. Coinbase is valued at approximately $32 billion, according to The Block’s. data dashboard.
Ark sold 231,102 shares of Jack Dorsey’s Block Inc., valued at $18.4 million, for the Next Generation Internet ETF. Block’s stock price closed at $79.6, up 1.82% on the day. The stock has risen 32% over the past month.
The company also purchased 4,320,928 units of the ProShares Bitcoin Strategy ETF (BITO), a U.S. Bitcoin futures-linked ETF.
“Similarly, ARK is now the second largest holder of BITO. Although this is a temporary parking space. They (and institutions in general) use highly liquid ETFs for transitions like this,” said Eric Balchunas, senior ETF analyst at Bloomberg. post At X.
There is Ark Invest as well as several other asset managers such as Blackrock, Fidelity and Valkyrie. Awaiting potential approval The U.S. Securities and Exchange Commission (SEC) filed the first spot Bitcoin ETF.
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