- A whopping $20.6 million worth of COIN has been offloaded by ARK Invest, while the stock continues to rise.
- The market looks forward to the approval of a Bitcoin Spot Exchange Traded Fund.
In a continued journey from the previous year, Ark Invest has continued to offload its COIN holdings. The firm reportedly sold a staggering $20.6 million worth of Coinbase (COIN) shares last Friday.
The sale was made across a total of three exchange-traded funds (ETFs). The prominent investment firm has traded a total of 133,823 COIN. The existing weight of Ark’s Coinbase stock is valued at more than $850 million worth of COIN, and has since dropped by 10.4%.
The sale of COIN is tied to the firm’s long-term goal of keeping the individual stock value below 10% weighting of an ETF. Notably, COIN has seen its value soar by twice its previous price over a three-month period. As a result, the firm has continued its sale of the exchange’s shares.
Recall that Ark Invest had previously sold a significant portion of its shares. Back in 2023, the investment firm sold 180,422 COIN ($24.3 million) and 99,595 GBTC ($3.5 million) from its Coinbase and Grayscale Bitcoin Trust shares.
In addition to this, a whopping $3.5 million worth of its shares from the Next Generation Internet fund. On the other hand, $5.9 million (168,127) worth of GBTC shares was also offloaded. In the fourth quarter of the year, a total of $59 million from its Coinbase shares were sold within a one-week time frame.
Bitcoin Spot ETFs remain at the forefront of the crypto market
It bears mentioning that COIN also emerged as one of the best-performing stocks within the 4th quarter of the year. However, more recently, Coinbase Global, Inc. (COIN) has seen its price decline significantly.
COIN recently hit $153.97 in price value, after dropping by -1.04% from the previous day. In the previous month, the company saw its stock surge by a staggering 14.25%. This marked a notable performance that toppled the 4.37% and 2.75% gains secured by the finance sector and the S&P respectively.
Meanwhile, Ark Invest has already begun to profit from its ETF. The firm’s $8 billion Ark Innovation ETF (NYSEMKT: ARKK) has recorded massive growth since its inception.
The product saw a 70% upsurge in value last year. Similarly, the Ark Fintech Innovation ETF (NYSEMKT: ARKF) gained 93% in value. A total of 13 investment firms including Ark/21Shares Bitcoin Trust have filed for a Spot Bitcoin Exchange-traded fund.
The market remains focused on the highly anticipated Exchange Traded Fund (ETF) applications. While a handful of investment firms are expecting approval from the U.S Securities and Exchange Commission (SEC).
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