ARK Invest, the firm behind the planned Bitcoin exchange-traded fund (ETF), has cashed in on its holdings of Coinbase stock. On December 5, ARK sold a total of 237,572 shares of Coinbase stock across its three funds, according to a trade notification seen by Cointelegraph. The sale, which took place when Coinbase shares closed at $140, resulted in at least $33 million in profits.
ARK Sells Coinbase Shares
ARK Invest has sold a significant number of Coinbase shares from its funds. The ARK Innovation ETF (ARKK) alone sold 201,711 shares, while the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) sold 28,535 and 7,326 shares respectively.
Coinbase Stock Hits New Highs
Coinbase's stock has been performing well, with its value surging by 280% this year, according to TradingView data. The stock reached a new record high above $147.4 on December 5, the highest it has been since April 2022. In the past 30 days, Coinbase shares have gone up by almost 70%.
Largest Coinbase Sale of 2023
ARK's recent sale of Coinbase shares is one of its biggest daily sales this year, ranking third behind a massive sale of 478,356 shares on July 14 and a sale of 248,838 shares on July 17. At the time of those sales, Coinbase stock was trading around $105.
ARK's Remaining Holdings
Despite the recent sell-off, ARK still holds a significant amount of Coinbase shares. The stock remains the largest asset in the ARKF ETF, accounting for over 13% of its net assets, valued at nearly $135 million as of December 5. It also makes up 11.72% and 11.64% of the ARKW and ARKK ETFs respectively.
ARK Continues to Invest in Crypto Stocks
While ARK has been selling off Coinbase shares, the firm has been actively buying other crypto-related stocks. It has recently acquired shares of Robinhood and continued purchasing shares of SoFi technologies, even after the announcement of the termination of its crypto trading services.
