ARK Invest Sells Coinbase Stock for $33 Million
ARK Invest, a firm planning to launch a Bitcoin exchange-traded fund (ETF) next year, has sold 237,572 shares of Coinbase stock, earning at least $33 million. The sale took place on December 5 when Coinbase stock closed at $140 per share.
Record Highs for Coinbase Stock
Coinbase’s stock has been reaching new yearly highs, surging 280% year to date. It reached a record high above $147.4 on December 5, the highest since April 2022. The stock has also gained nearly 70% in the past month.
Largest Daily COIN Sales by ARK
The recent sale of Coinbase stock by ARK is one of its largest daily sales this year, following massive sales in July. Despite selling off some COIN shares, ARK still holds a significant amount as one of its top assets in various ETFs.
ARK Continues to Buy Crypto-Related Stocks
While selling Coinbase stock, ARK has been actively buying other crypto-related stocks such as Robinhood. The firm has also continued to purchase shares of SoFi technologies despite the termination of its crypto trading services.
Hot Take: ARK Invest Profits from Coinbase Stock Sale
ARK Invest has made a substantial profit from the sale of its Coinbase stock, earning at least $33 million. Despite the sale, ARK still holds a significant amount of COIN shares and continues to actively buy other crypto-related stocks. This reflects the firm’s strategy of diversifying its portfolio while taking advantage of market opportunities. As Coinbase’s stock reaches record highs and the crypto market remains bullish, ARK’s investment decisions are aimed at maximizing returns and capturing value from the evolving digital asset industry.
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