The stock market has been doing great in the last few weeks, including crypto stocks like Coinbase. The American crypto exchange has a number of institutional investors, including asset managers such as ARK Invest. But this company decided to sell a large number of COIN shares last week. Unfortunately for Coinbase, this trend is not over yet as Tuesday was the third day that ARK Invest sold shares.
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ARK Invest sells Bitcoin stock exchange stocks
The various Exchange Traded Funds (ETFs) document every purchase and sale for investors. This data shows that ARK Invest sold COIN shares for three different ETFs on Tuesday.
According to Ark Invest Daily, the largest sale came from ARK Innovation ETF (ARKK), which sold 65,297 shares. That was worth about $9.1 million and represented 0.1% of the fund’s total assets.
Cathie Wood and Ark Invest’s trading activity from today 12/12 pic.twitter.com/7RSvxbeyJ8
— Ark Invest Daily (@ArkkDaily) December 13, 2023
The Internet Innovation ETF (ARKW) also sold shares, 15,502 shares to be precise. That was worth about $2.2 million. This fund is much smaller, so sales accounted for 0.14% of the fund, which is slightly more. The same goes for ARKF, which sold 1,456 shares (0.02% of the total). In total there are around 82,000 shares for just under 11.5 million dollars.
Nevertheless, ARK Invest remains one of Coinbase’s largest investors. According to Yahoo, ARK Invest owns about 5.5% of all COIN stocks. At the time of writing, this asset is worth almost $1.5 billion.
Third sale of ARK Invest
It was the third time this month that ARK Invest sold COIN shares. The asset manager started doing this at the beginning of this month. However, the biggest sale took place last Friday. The number of shares and the amount have not been this large since July last year, when ARK Invest made its first major sale in a long time.
Since the company still has large COIN holdings, the network is nothing special. For example, according to Yahoo, ARKK still has 11% of all assets invested in COIN. This continues to be the exchange fund’s largest position. The company has also already sold a large number of shares in Grayscale Bitcoin Trust (GBTC).
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