Ark Invest Sells $43 Million Worth of Coinbase Shares During COIN’s Bull Run
Yesterday, Ark Invest, the American investment management company led by Cathie Wood, sold $43 million worth of Coinbase (COIN) shares. The sale, totaling 283,104 COIN, was executed by two funds: Innovation ETF and Next Generation Internet ETF. This is the third sale of COIN shares that Ark Invest has made within three days, with a total liquidation of $13.4 million earlier this week.
The sales coincide with a significant increase in the price of COIN. In the last five days alone, COIN has risen by 14% and is currently valued at $150.46. This marks a substantial bull run for the cryptocurrency, as it has grown by 63% in the past month.
Ark Invest Continues to Liquidate COIN Shares in December
This recent sale adds to previous liquidations of COIN shares that Ark Invest has made in December. On December 5th, the company sold 237,572 Coinbase shares for approximately $33.3 million. Additionally, on November 30th, Ark Invest sold another 37,377 COIN shares worth about $4.7 million.
It appears that Ark Invest is capitalizing on the significant rally in COIN’s price this year, which has seen a growth of 274%. The proceeds from these sales may be reinvested in other stocks such as Robinhood (HOOD) shares.
Ark Invest Pursues Approval for Bitcoin Spot ETF
In addition to its involvement with Coinbase shares, Ark Invest is also seeking approval for its application to issue a Bitcoin spot ETF. While the Securities and Exchange Commission (SEC) has not officially approved any such ETFs yet, Ark Invest has submitted a third amendment to the S-1 document in its efforts to obtain approval. This demonstrates the company’s commitment to achieving its mission of launching its own Bitcoin Spot ETF.
Hot Take: Ark Invest Seizes Opportunity During COIN’s Bull Run
Ark Invest’s decision to sell a significant amount of Coinbase shares during the bull run of COIN reflects a strategic move to capitalize on the cryptocurrency’s price surge. With COIN experiencing substantial growth in recent weeks, Ark Invest is taking advantage of the rally to diversify its portfolio. This aligns with the company’s overall investment strategy and commitment to exploring emerging opportunities in the cryptocurrency market. As Ark Invest continues to navigate the evolving landscape of digital assets, its pursuit of a Bitcoin spot ETF further solidifies its position as a prominent player in the industry.
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