ARK Invest Sells Over 237,000 Coinbase Shares, Nets $33 Million in Profits
ARK Invest, a firm looking to launch a Bitcoin ETF, has sold over 237,000 shares of Coinbase stock, netting at least $33 million. The sale was made on December 5th, the same day Coinbase's stock closed at $140 per share. Despite the sale, ARK still holds a significant amount of COIN shares as one of its top assets. Coinbase's stock has been surging, reaching a new record high above $147.4 on December 5th and posting a 280% year-to-date increase.
Ark Invest sold $1.4 million in Coinbase stock on Monday to increase Robinhood stock position
Following the sale of COIN worth $15 million last week, Ark Invest sold 10,218 shares of Coinbase stock worth approximately $1.4 million on Monday. Ark also purchased more Robinhood stock, adding 14,702 shares (worth $140,000) on top of the $3 million worth of HOOD stock purchased last week. Ark sold 2,970 shares of Coinbase stock ($419,000) from its FinTech Innovation ETF and 7,248 shares ($1 million) from its Next Generation Internet ETF. Following the sale of COIN stock worth $5.3 million and $4.9 million respectively on Monday and Wednesday last week, Ark sold 37,377 shares of Coinbase stock ($47 million) on Thursday.
Ark Invest reduced its holdings of Coinbase shares by $1.44 million yesterday
Cathie Wood's Ark Invest increased its holdings of 14,702 shares of Robinhood stock HOOD (valued at approximately $140,000 based on Monday's closing price) through its ARK Fintech Innovation ETF on Monday, December 4th, while reducing its holdings of 2,970 shares of Coinbase stock COIN (valued at approximately $420,000). Additionally, through its ARK Innovation ETF, Ark Invest reduced its holdings of 7,248 shares of Coinbase stock COIN (valued at approximately $1.02 million).
ARK Invest sells $4.7 million worth of Coinbase shares again
ARK Invest, led by Cathie Wood, sold Coinbase (COIN) shares for the third time this week, selling a total of 37,377 shares worth nearly $4.7 million at Thursday's closing price. In addition to the sales on November 27th and 29th, ARK also sold approximately $15 million worth of COIN shares from its Next Generation Internet ETF (ARKW) this week.
ARK Invest's ARKF increased its holdings of SOFI shares by US$1.47 million
On November 29, ARK Invest purchased 200,275 shares of SOFI stock, allocated to its ARK Fintech Innovation ETF (ARKF). According to TradingView data, based on SOFI's closing price on November 29, the amount was worth $1.47 million, or $7.35 per share. The purchase by ARK occurred on the same day that SoFi Technologies officially announced its decision to terminate cryptocurrency services by December 19, 2023. SoFi stated that after careful consideration, we have decided to discontinue our cryptocurrency services by the end of this year and instructed its customers to transfer their holdings to the online cryptocurrency wallet Blockchain.com.
Ark Invest increased its holdings of Robinhood shares by nearly $2 million yesterday and reduced its holdings of Coinbase shares by more than $4.9 million.
Cathie Wood's Ark Invest increased its holdings of 221,759 shares of Robinhood stock HOOD (valued at nearly $2 million based on Wednesday's closing price) through its ARK Fintech Innovation ETF (ARKF) on Wednesday (November 29), while reducing its holdings of 38,668 shares of Coinbase stock COIN (valued at over $4.9 million).
Bloomberg Analyst: Ark sells GBTC to balance weight
Bloomberg analyst Eric Balchunas wrote on X platform that Ark sold GBTC to balance weight. In its investment portfolio, Ark likes to sell winners (and vice versa) to maintain the required weight. Since GBTC has risen 76% since August, ARK "must" sell many shares to maintain a weight of around 9%.<br>Earlier news, since October 23, ARK Next Generation Internet ETF (ARKW) has sold more than 700,000 shares of Grayscale Bitcoin Trust Fund GBTC.
ARK Invest sold $5 million worth of GBTC shares last week
On November 27th, Cathie Wood-led ARK Invest continued to sell shares of Grayscale Bitcoin Trust (GBTC) last week, selling a total of 163,722 shares and earning about $5.02 million based on the closing price, as reported by CoinDesk. ARKW ETF sold a total of 579,077 shares in November, earning about $16.9 million based on the closing price. ARK Invest usually buys into crypto-related shares when they fall and sells them when they rise to make a profit.<br>The negative premium rate of GBTC narrowed to 8.6% on Friday, the lowest point since July 2021. Analysts attributed this improvement to Grayscale's meeting with the US Securities and Exchange Commission (SEC) to discuss converting the trust into a spot ETF.<br>
BlackRock and Ark Invest Defy SEC Guidance, Lean Towards In-Kind Bitcoin ETFs
BlackRock and Ark Invest are considering launching Bitcoin ETFs using in-kind creations and redemptions, despite the SEC's recommendation to switch to a cash model. BlackRock recently met with SEC staff to explain how both models could work, and they prefer the in-kind mode. Meanwhile, Ark Invest and Cathie Wood have submitted an updated filing for a spot Bitcoin ETF, sticking with in-kind creations and redemptions despite the SEC's advice. In-kind transactions are preferred by ETF providers for their tax efficiency and to minimize the impact on the market prices of Bitcoin.
The ARK Bitcoin Spot ETF will charge an annual management fee of 0.8%, subject to the “inherent complexities” of cryptocurrency products
ARK Investment Management and 21Shares have become the first major applicants in the United States to disclose management fees for Bitcoin spot ETFs. According to updated documents on Monday, the Ark 21Shares Bitcoin ETF (ARBK) will charge a management fee of 0.8%. Although higher than the average fee rate of US-listed ETFs at 0.54%, the fee is lower than the maximum fee of the Bitcoin futures ETF - ProShares Bitcoin Strategy ETF at 0.95%, and much lower than the 2% charged by Grayscale GBTC.
