ARK Invest Sells $12 Million Worth of Coinbase Shares as Stock Surges
ARK Invest, led by Cathie Wood, has recently sold around $12 million worth of Coinbase shares as the stock nears a one-year high. This move comes after Coinbase announced a surveillance-sharing agreement with five spot bitcoin ETF applicants, which is seen as crucial for the approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC). ARK Invest is a major holder of Coinbase stock, with close to 11 million shares across its funds. The Coinbase holding represents about 6.2% of the total weightage of ARK’s funds.
Key Points:
– ARK Invest sells approximately $12 million worth of Coinbase shares as the stock approaches a one-year high.
– Coinbase’s announcement of a surveillance-sharing agreement with five spot bitcoin ETF applicants drives the surge in its stock.
– ARK Invest is one of the largest holders of Coinbase stock, with close to 11 million shares.
– The estimated average costs for COIN shares in ARK’s funds are $239.60 for ARKF, $254.65 for ARKK, and $242 for ARKW.
– Previously, ARK Invest made a purchase of Coinbase shares worth $21.6 million following a decline in the stock price due to an SEC lawsuit.
Coinbase Stock Surges on Agreement with Cboe’s BZX Exchange
Coinbase’s stock witnessed a substantial increase of up to 16% after the announcement of an agreement between Coinbase and Cboe’s BZX Exchange. As part of this agreement, Coinbase will maintain a surveillance-sharing arrangement for five of its spot bitcoin ETF applications. This commitment to sharing surveillance information is crucial for the approval of these ETF applications. The stock reached a high point of $92.15 during the surge. Amendments to the original filings confirmed that the agreement had been settled on June 21. Currently, COIN is trading at $89.15 with a 9.78% rise in the last 24 hours.
Key Points:
– Coinbase shares surge 16% following the announcement of an agreement with Cboe’s BZX Exchange.
– Coinbase will maintain a surveillance-sharing arrangement for five of its spot bitcoin ETF applications.
– The shares reached a high point of $92.15 during the surge.
– Amendments to the original filings confirm the settlement of the agreement on June 21.
– COIN is currently trading at $89.15 with a 9.78% rise in the last 24 hours.
Hot Take
The recent sale of Coinbase shares by ARK Invest raises questions about the cryptocurrency exchange’s future prospects. While the stock has been surging due to positive developments like the surveillance-sharing agreement, the decision to sell off a significant portion of their holdings signals a lack of confidence from ARK Invest. It remains to be seen how this will impact Coinbase’s stock performance in the long run and whether other investors will follow suit. The cryptocurrency market continues to be volatile, and investors need to carefully evaluate their positions to navigate these uncertainties.
