ARK Invest, one of the ten issuers of Bitcoin exchange-traded funds (ETFs) in the US, is capitalizing on the rising stock price of Coinbase by selling a portion of its shares. According to a trade notification seen by Cointelegraph, ARK sold 199,526 Coinbase shares from its ETFs on March 21. The investment firm, founded by Cathie Wood, sold 133,533 shares from the ARK Innovation ETF (ARKK), valued at approximately $35 million based on Coinbase’s closing price of $262 on that day. Additionally, ARK offloaded 59,215 shares from the ARK Next Generation Internet ETF (ARKW) and 6,778 shares from the ARK Fintech Innovation ETF (ARKF), resulting in a total sale worth $52.3 million at the March 21 closing price. This move comes as Coinbase’s stock price continues to experience steady growth, surpassing $270 for the first time since December 2021. TradingView data reveals that Coinbase briefly reached a high of $276 on March 21. This recent sale by ARK is one of its most substantial sales in 2024, with the previous significant sale taking place on March 11, where 270,365 Coinbase shares were sold. Furthermore, ARK’s largest sale of Coinbase shares in 2024 thus far occurred on February 16, where 499,149 COIN shares were sold from its three ETFs. During that time, Coinbase shares were trading at a price approximately 37% lower than the current value, or around $190. As of now, Coinbase shares have surged nearly 250% over the past six months. In addition to Coinbase, ARK has also been actively selling shares of Block, a Bitcoin-focused fintech firm founded by Jack Dorsey, the co-founder of Twitter (now known as X). On March 21, ARK sold 188,519 Block shares from its ARKK fund, generating $15.8 million. Additionally, ARK sold 93,002 Robinhood shares worth around $2 million from the ARKW ETF to comply with Rule 12d3-1, which restricts ETFs from acquiring more than 5% of their total assets’ value in securities from registered investment advisers, brokers, dealers, or underwriters. ARK has been selling Robinhood shares in accordance with Rule 12d3-1 for some time, as evidenced by the previous sale of 583,563 Robinhood shares on March 14 from the ARKK fund without citing Rule 12d3-1 compliance.
ARK offloads $52M worth of Coinbase shares amidst stock price surge beyond $270