Ark Invest Sells Over $119 Million Worth of Coinbase Stock
Since the beginning of the month, Ark Invest has been selling off its stock in Coinbase, the largest American cryptocurrency exchange. In just two weeks, the asset management firm has sold more than $119 million worth of Coinbase stock.
Details of Ark’s Sales
Ark Invest made its first sale of Coinbase stock on December 5, selling 237,572 shares for approximately $33 million. This was followed by another sale on December 6, where they sold 180,422 shares for $24.3 million. Their largest sale occurred on December 8, where they offloaded 335,860 shares for $49.2 million.
In addition to these sales, Ark also sold smaller batches of Coinbase stock on other days in December.
Ark’s Strategy and Holdings
Ark Invest follows a strategy of buying assets when they dip and selling during surges to make a profit. Despite the recent sales, Coinbase stock still makes up a significant portion of their holdings.
Ark’s Application for a Bitcoin ETF
Ark Invest is also vying for a spot in the Bitcoin ETF market alongside traditional giants. Their application is expected to be approved in January before other submissions.
Hot Take: Ark Invest Selling Off Coinbase Stock
Leading asset management firm Ark Invest has been actively selling its stock in Coinbase over the past few weeks. Despite the surge in Coinbase’s stock price alongside Bitcoin’s rise, Ark has been offloading its shares and has sold over $119 million worth of COIN since the beginning of December. Ark follows a strategy of accumulating assets during dips and selling during surges to maximize profits. However, even with the recent sales, Coinbase stock still remains a significant part of Ark’s holdings. Additionally, Ark is vying for a spot in the Bitcoin ETF market and their application is expected to be approved in January.
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