ARK Invest Dumps $14.7M in Coinbase Stock Amid $1.4B Revenue, Shifts Focus to Ether Staking ETF

ARK Invest Reshapes Crypto Portfolio Amid Coinbase Sale

Cathie Wood’s ARK Invest is once again making waves in the cryptocurrency market. The investment firm has resumed significant trading activity, marked by a substantial sale of Coinbase stock.

On August 1, ARK offloaded 69,069 Coinbase shares, valued at approximately $14.7 million. This is the firm’s largest Coinbase sale since early 2024. Despite the heavy selling, Coinbase remains a top holding in ARK’s Fintech Innovation ETF (ARKF), accounting for nearly 10% of the fund’s portfolio.

Coinbase has reported strong financial performance, with $1.4 billion in revenue for the second quarter of 2024. The company attributes this success to progress in achieving regulatory clarity on a global scale.

While reducing its Coinbase exposure, ARK has simultaneously entered a new crypto investment. The firm purchased 1.7 million shares of the 3iQ Ether staking ETF (ETHQ.U) on August 1. This Canadian ETF offers exposure to Ether and generates staking rewards. The purchase was split between ARK’s Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF.

Since our staking program began last October, the 3iQ Ether Staking ETF has seen +24% growth in its units outstanding. It is one of few Canadian ETH ETFs to see net creations in 2024 and is currently the only ETF with staking integrated today. Welcome new investors and thank you… pic.twitter.com/miHhidWRLI
— 3iQ Digital Asset Management (@3iq_corp) June 14, 2024

ARK’s crypto-related trades didn’t stop there. The firm also sold off portions of its Robinhood and ARK 21Shares Bitcoin ETF (ARKB) holdings. ARKB, which debuted in January 2024, saw 108,751 shares sold from the ARKW fund.

Also Read: Bitcoin Stuck In $53K-$72K Range – Tick Tock For Massive Breakout?

ARK Invest’s recent trading activity highlights the dynamic nature of the crypto market and the firm’s ongoing search for investment opportunities within the sector. As the crypto industry continues to evolve, investors will be watching ARK’s moves closely for potential market signals.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

About The Author

Andrew Chen

I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.

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