Home Business Crypto asset manager ARK Invest takes profit with big sale

Crypto asset manager ARK Invest takes profit with big sale

Crypto-vermogensbeheerder ARK Invest pakt winst met grote verkoop

Photo: T. Schneider/Shutterstock

In recent months, several publicly traded crypto companies have been in high demand among investors, including Coinbase (COIN). Several large investors have recently invested in the American crypto exchange’s stock, including Cathie Wood’s ARK Invest. However, as the stock has risen in recent months, this company has sold again.

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ARK Invest sells Coinbase shares

Cointelegraph claims so who claims to have received trading information. On December 5th, ARK Invest reportedly sold 237,572 COIN shares. The stock closed that day at $140 per share, and the company was reported to have received at least $33 million for the sale.

The sales would be across three ARK funds. The bulk of that came from the ARK Innovation ETF (ARKK) – 201,711 units to be exact. Coinbase is this fund’s largest position at 9%, which is valued at more than $8 billion.

The ARK Fintech Innovation ETF (ARKF) is much smaller, with a market value of $700 million, but Coinbase makes up more than 11% of that portfolio at current prices. However, ARK only sold 28,535 shares within this fund.

The third fund where the same position was reduced is the ARK Next Generation Internet ETF (ARKW), where COIN once again represents more than 11% of the portfolio. This fund currently has a market cap of $1.5 billion, but Cathie Wood’s fund only sold 7,326 shares.

Coinbase is in demand

Coinbase is a very popular stock right now. The price has already risen by more than 360% since the beginning of the year reached its highest level since April 2022 on Tuesday. The company has a number of large investors. In addition to Wood, South Korea’s state pension fund also bought shares in the company.

Still, Wood has sold a lot of COIN stocks in recent months. According to portfolio tracker Cathie’s Ark, the number peaked in July when it was revealed that the funds had sold significant amounts.

ARK Invest also sold shares in Grayscale’s Bitcoin fund GBTC late last month.

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