Cathie Wood’s Ark Invest Continues to Sell Coinbase Shares
Cathie Wood’s Ark Invest has sold an additional 148,885 shares of Coinbase, worth $27.58 million, and purchased $92 million worth of ProShares Bitcoin Strategy ETF (BITO), according to the company’s latest trade filing.
ARKW Offloads Coinbase Shares
The ARK Next Generation Internet ETF (ARKW) sold off its Coinbase shares on Wednesday, adding to the over $200 million in Coinbase shares it has already sold in the past month.
Coinbase Stock Closes Higher
Coinbase stock closed 7.67% higher at $185.24 on the day.
Ark Invest’s Selling Spree
Ark Invest has been selling its Coinbase shares this month to rebalance its fund weightings due to the surging stock price. Coinbase shares have gained 54.6% over the past month and are currently valued at around $32 billion.
Ark Invest Sells Block Inc. Shares
Ark Invest also sold 231,102 shares of Jack Dorsey’s Block Inc., valued at $18.4 million, for its Next Generation Internet ETF. Block shares closed at $79.6, up 1.82% for the day.
Purchase of ProShares Bitcoin Strategy ETF
Additionally, Ark Invest purchased 4,320,928 units of ProShares Bitcoin Strategy ETF (BITO), a U.S. bitcoin futures-linked ETF.
Temporary Holding Spot for BITO
Eric Balchunas, senior ETF analyst for Bloomberg, noted that Ark Invest is now the second biggest holder of BITO, but this is a temporary holding spot as they use highly liquid ETFs for transitions like this.
Awaiting Approval for Spot Bitcoin ETF
Ark Invest, along with other asset managers like Blackrock, Fidelity, and Valkyrie, is awaiting potential approval for the first-ever spot bitcoin ETF filing from the U.S. Securities and Exchange Commission.
Hot Take: Ark Invest Continues to Adjust Its Crypto Holdings
Cathie Wood’s Ark Invest has been actively adjusting its cryptocurrency holdings, selling off Coinbase shares and purchasing ProShares Bitcoin Strategy ETF. This reflects their strategy of rebalancing fund weightings and taking advantage of the surging stock prices. They have also temporarily parked some of their investments in highly liquid ETFs like BITO. As they await potential approval for a spot bitcoin ETF, Ark Invest remains one of the key players in the crypto market.
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