Ark Invest Further Reduces its COIN Holdings

Ark Invest has continued reducing its exposure to Coinbase by selling more of its shares in the cryptocurrency exchange platform even as COIN price reached another 52-week high of $178.70 last week. 

The asset manager, through its exchange-traded fund (ETF), has offloaded 15,858 of its Coinbase stocks, equivalent to about $2.7 million. Specifically, ARK Innovation ETF (ARKK) liquidated 12,806 shares of Coinbase, while ARK Next Generation Internet ETF (ARKW) offloaded 2,424 COIN shares.

Additionally, ARK Fintech Innovation ETF (ARKF) sold 628 of its COIN stocks.

Ark Invest Diversifes its Portfolio

Significantly, this move marks Ark Invest’s shift in investment strategy and its desire to allocate funds to other opportunities. The asset manager recently acquired 93,297 shares of Robinhood Markets (HOOD).

Investing in Robinhood reflects Ark Invest’s strategic resource reallocation in anticipation of growth. Renowned for its forward-thinking strategy, the firm is aligning its portfolio to capitalize on the changing dynamics of digital assets and financial technology. Additionally, Ark Invest has shown keen interest in the acquisition of Meta Platforms (META) and Robinhood (HOOD) shares. 

Ark Invest Floats New Digital Asset ETF Suites

Ark Invest, in collaboration with 21Shares, introduced a set of offerings to offer investors a robust set of options for introducing digital assets into a portfolio. The suite aims to deliver long-term capital appreciation through strategic investments in Bitcoin (BTC) and Ethereum (ETH) futures contracts, and the application of blockchain technologies.

Furthermore, the prospectus highlighted that the digital asset ETFs will be listed on the Chicago Board Options Exchange, which is known as Cboe.

Ark Invest’s CEO Hint at Spot Bitcoin ETF Approval

Meanwhile, Cathie Wood, the CEO of Ark Invest, has said she’s pleased with Bitcoin’s upward movement ahead of a potential approval of spot Bitcoin ETF. In a recent interview, Cathie hinted that the regulator has set a January 10 deadline for the Ark21Shares Bitcoin ETF. 

According to her, approval from the SEC will give spot Bitcoin ETFs a seal of approval it didn’t have before adding that it is the best means of hedging against inflation and economic instability.

Ark Invest Cash out on its Coinbase Stock

Interestingly, this isn’t the first time the asset manager is taking profit off its Coinbase holdings, with COIN rallying over 415% in 2023, from $31.55 to $178.70.

Before taking profits from Ark’s Coinbase holdings, Cathie had been actively accumulating the stock in multiple Ark funds. In March, Ark Invest set out on a purchasing binge, amassing over $18 million in shares across two of its ETFs. It reportedly had 353,000 shares spread over two funds. Also, in February, the business acquired up to 213.519 shares across the same funds.