Cathie Wood’s ARK Invest Dumps $25.3M Worth Of Coinbase Shares

Barely one week into the new year, ARK Invest is at it again with its Coinbase Global Inc. (COIN) sales.

On Wednesday, Cathie Wood’s ARK Invest sold another 166,183 of the shares at a value of $25.3 million. Approximately 145,048 Coinbase shares were offloaded from the ARK Innovation ETF (ARKK) and 21,135 from the ARK Next Generation Internet ETF (ARKW).

This comes after the firm offloaded up to $200 million of Coinbase shares a few weeks ago.

ARK Invest Acquires More Coinbase Shares

Earlier in 2023, ARK Invest added 230,599 Coinbase shares to its ARKK while only 38,329 shares were added to the ARKW. The purchase across the two ETFs was valued at approximately $18 million although before the end of the week, their value had reduced to $17.8 million. 

A few months later, the buying spree continued as ARK Invest acquired 129,604 Bitcoins from Coinbase for its ARK Innovation ETF in addition to purchasing 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. At the time, its acquisition summed up to approximately $8.5 million for 168,869 Coinbase shares.

Coinbase Shares: Buy or Dump?

This buying spree was however short-lived as the firm dumped a whopping sum of 135,152 shares of Coinbase on July 11.

It is worth noting that this was not the first time ARK Invest was making this kind of move. In the same month when the publicly traded firm acquired $18 million worth of Coinbase shares, it also sold 160,886 shares from its ARK Fintech Innovation ETF.

Each of these shares was sold at $84 bringing the total sales to $13.5 million.

Coinbase Chosen as Surveillance-sharing Partner 

In recent times, the COIN shares have seen a significant surge in value and this is partly because several applicants for spot Bitcoin ETF inked a surveillance-sharing agreement with Coinbase exchange. Leading investment asset management firm BlackRock named Coinbase as a surveillance-sharing partner.

In terms of the spot Bitcoin ETF, all eligible ETF filers including ARK Invest in alliance with 21Shares, are waiting for the United States Securities and Exchange Commission (SEC) decision on their applications. By January 10, it is expected that the agency will provide an update on the ARK 21Shares ETF filing.