π Key Sales in 2023: Coinbase and Grayscale’s Bitcoin Trust in Focus
July 2023: ARK Invest, a prominent investment firm, made headlines with two of its largest daily COIN sales this year. On July 14 and 17, ARK sold 478,356 and 248,838 COIN shares respectively, when Coinbase stock was trading around $105.
Recent Sales: More recently, ARK continued this trend by offloading 168,127 shares of Grayscaleβs Bitcoin Investment Trust (GBTC). These sales, at a closing price of $35 per share, amounted to a considerable $5.9 million, as per TradingView data. This selling spree began on October 23, 2023, coinciding with Bitcoin nearing the $34,000 mark.
π ARK’s Current Crypto Holdings: A Closer Look
Despite these significant sales, ARK retains a substantial stake in Coinbase. As of December 5, 2023, COIN remains the largest asset in ARK’s Fintech Innovation ETF (ARKF), comprising over 13% of its net assets, valued at nearly $135 million. COIN also forms a considerable portion of ARK’s Web x.0 ETF (ARKW) and Innovation ETF (ARKK), with 11.72% and 11.64% holdings respectively.
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π ARK’s Diversification Strategy: Beyond Coinbase
While reducing its COIN holdings, ARK has been actively investing in other areas of the crypto sector. Notably, the firm has been purchasing stocks of Robinhood (HOOD) and continuing its investment in SoFi Technologies, even amidst the latter’s decision to end crypto trading services.
π Related: Coinbase Wallet’s Game-Changing Feature
In related news, Coinbase Wallet has launched a revolutionary feature on December 5, facilitating easier money transfers worldwide. Users can now send funds via shared links on various platforms, including WhatsApp, iMessage, Telegram, Facebook, Instagram, and TikTok, enhancing the ease of global transactions.
This article is for informational purposes only and does not constitute financial advice. All information is based on sources believed to be reliable.
Disclaimer: Facts and figures are accurate as of the publication date and subject to change.
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