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ARK sells $52M of Coinbase shares as stock price breaks above $270

ARK sells $52M of Coinbase shares as stock price breaks above $270 WikiBit 2024-03-22 17:46

Cathie Wood‘s ARK Invest sold 199,526 Coinbase shares on March 21, netting more than $52 million based on the stock’s closing price on Thursday.

Cathie Woods ARK Invest continues taking profits from its Coinbase stash as the stock is hitting multiyear highs.

ARK Invest — one of 10 issuers of spot Bitcoin (BTC) exchange-traded funds (ETF) in the United States — is taking profits from its Coinbase stash as the stock price rises above $270.

On March 21, ARK sold 199,526 Coinbase shares from its ETFs, according to a trade notification seen by Cointelegraph.

The Cathie Wood-founded investment firm dumped 133,533 shares from the ARK Innovation ETF (ARKK), worth around $35 million, based on Coinbases closing price of $262 on March 21, according to data from TradingView.

ARK also offloaded an additional 59,215 shares from the ARK Next Generation Internet ETF (ARKW) and 6,778 shares from the ARK Fintech Innovation ETF (ARKF). The entire sale is worth $52.3 million at the March 21 closing price.

The sale came as Coinbase stock continued to see stable growth, surging above $270 for the first time since December 2021. According to TradingView, Coinbase stock briefly topped $276 on March 21.

ARKs latest Coinbase sale is one of its most significant sales so far in 2024. The previous big sale came on March 11, with ARK selling 270,365 Coinbase shares.

On Feb. 16, ARK made its biggest Coinbase sale of 2024 so far, selling 499,149 COIN shares from its three ETFs. On that day, Coinbase shares traded 37% lower than the current price, or around $190, according to data from TradingView.

At the time of writing, Coinbase shares are up nearly 250% over the past six months.

Coinbase stockprice six-month chart. Source: TradingView

ARK has been actively dumping Coinbase stock in 2023 and early 2024. The company bought a massive amount of Coinbase shares following its market debut in 2021.

In addition to Coinbase, ARK has also been actively selling shares of Block, a Bitcoin-focused fintech firm founded by Twitter (now known as X) co-founder Jack Dorsey.

On March 21, ARK dumped another 188,519 Block shares from its ARKK fund, netting $15.8 million.

Additionally, ARK sold 93,002 Robinhood shares worth around $2 million from the ARKW ETF as the fund‘s holdings of Robinhood stock approached 5% of the portfolio’s total weight to comply with Rule 12d3-1.

Rule 12d3-1 prohibits ETFs from acquiring more than 5% of the value of their total assets in securities by a registered investment adviser, broker, dealer or underwriter.

ARK has been selling Robinhood shares in compliance with Rule 12d3-1 for a while. The firm also dumped 583,563 Robinhood shares on March 14 from the ARKK fund without citing Rule 12d3-1 compliance.


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