Cathie Wood’s ARK Invest sold $25 million worth of crypto exchange Coinbase (COIN) shares on Jan. 3, as the stock dropped 3% to $152.24. The U.S.-based asset management company has divested more than $125 million of shares in the exchange since December 2023.
ARK Invest said in a Jan. 4 post on X that it purchased 105,201 Tesla (TSLA) shares worth nearly $25.3 million, after the CON sell-off. ARK Innovation ETF (ARKK) bought 91,194 Tesla shares, and ARK Next Generation Internet ETF (ARKW) purchased 14,007 TSLA shares.
Despite continuing to actively sell Coinbase stock recently, ARK still holds significant shares in the exchange. Coinbase remains the biggest asset in the portfolio of the ARKF ETF, accounting for more than $145 million of its total asset value as of Jan 4.
Cathie Wood bought some more Tesla $TSLA today
— Ark Invest Daily (@ArkkDaily) January 4, 2024
Ark Invest's trade activity from today 1/3 pic.twitter.com/1jxEIgyBtR
According to the post by Ark Invest Daily on X, ARK Invest sold 166,183 Coinbase shares valued at over $25.3 million on Jan. 3. The sales included 145,048 shares from ARKK and 21,135 shares from ARKW.
On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million.
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The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF alone, with an additional 28,535 and 7,326 sold by the ARK Fintech Innovation ETF and the ARK Next Generation internet ETF, respectively.
ARK Invest has been active elsewhere, having liquidated its entire remaining Grayscale Bitcoin Trust (GBTC) holdings worth $200 million on Dec. 28. It invested about $100 million from the sale of GBTC into Bitcoin Futures ETF Bito.
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