Originally published on: August 02, 2024
ARK Invest, led by renowned investor Cathie Wood, is back in the cryptocurrency trading game, making significant moves with millions of dollars in crypto-related stocks and exchange-traded funds (ETFs) in a single day.
After a break, ARK resumed its selling of Coinbase stock in July, with an even bigger push in August, selling 69,069 shares of Coinbase on Aug. 1, worth about $14.7 million according to TradingView data. This marks ARK’s largest Coinbase sale since earlier in the year.
Despite these sales, ARK’s funds still hold a significant amount of Coinbase shares, especially in the ARK Fintech Innovation ETF (ARKF) where Coinbase accounts for nearly 10% of the fund’s portfolio.
Coinbase’s recent report of $1.4 billion in total revenue for the second quarter of 2024 seems to have sparked ARK’s move to sell off their shares.
In a surprising turn, ARK also made its first purchase of the Canada-based 3iQ Ether staking ETF (ETHQ.U) on the same day. This fund invests in Ether and generates passive rewards through staking, with ARK purchasing 1.7 million ETHQ.U shares worth around $21 million.
This new investment comes as the 3iQ Ether staking ETF has seen a 40% surge in growth year-to-date, closing at $12.3 on Aug. 1.
In addition to these moves, ARK also divested some shares from its Robinhood holdings and its own spot Bitcoin ETF. The ARK 21Shares Bitcoin ETF (ARKB) saw 108,751 shares sold from the ARKW fund for approximately $6.9 million, while 282,435 Robinhood shares were unloaded for $5.7 million.
Overall, ARK Invest’s recent activity in the cryptocurrency market showcases their strategic trading decisions and adaptability in the rapidly evolving crypto landscape.