{"id":71455,"date":"2024-02-15T06:35:01","date_gmt":"2024-02-15T10:35:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71455"},"modified":"2024-02-15T06:35:03","modified_gmt":"2024-02-15T10:35:03","slug":"ark-invest-sells-coinbase-robinhood-shares-for-first-time-in-2024","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ark-invest-sells-coinbase-robinhood-shares-for-first-time-in-2024\/","title":{"rendered":"ARK Invest Sells Coinbase, Robinhood Shares for First Time in 2024"},"content":{"rendered":"\n

Spot Bitcoin exchange-traded fund (ETF) issuer ARK Invest has sold major cryptocurrency-related stocks<\/a>, including those of Coinbase and Robinhood, for the first time this year.<\/p>\n\n\n\n

\"ARK
ARK Invest Sells Coinbase, Robinhood Shares for First Time in 2024<\/figcaption><\/figure>\n\n\n\n

ARK divested 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares from its ETFs on February 14, according to a trade notification that Cointelegraph obtained.<\/p>\n\n\n\n

The trading firm divested 152,600 Coinbase shares, of which 31,459 were from the ARK Innovation ETF (ARKK), and 30,009 were from the ARK Next Generation Internet ETF (ARKW). <\/p>\n\n\n\n

The ARK Fintech Innovation ETF \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(ARKF) also contributed to the divestment. Based on TradingView's estimation of Coinbase's closing price of $160.4 on Wednesday, the total sale generated $34 million.<\/p>\n\n\n\n

ARK's most recent Coinbase sale occurs as COIN surpasses $160 for the first time since early January, before the emergence of Bitcoin ETFs, and breaks its 2024 highs.<\/p>\n\n\n\n

Nearing its all-time peak of $173, established in November 2023, the Coinbase stock is gaining ground. Before that, the previous peak was approximately $320 in September 2021, per TradingView data.<\/p>\n\n\n\n

\"\"
Coinbase (COIN) all-time price chart. Source: TradingView<\/figcaption><\/figure>\n\n\n\n

Additionally, the ARKW fund, which the firm had been accumulating before this, has sold 119,394 Robinhood shares<\/a>. Based on the closing price of HOOD on February 14, the transaction was worth approximately $1.5 million.<\/p>\n\n\n\n

In adherence to Rule 12d3-1, which dictates that ETFs may not allow a registered investment adviser, broker, dealer, or underwriter to acquire more than 5% of the value of the fund's total assets in securities, ARKW reportedly sold HOOD.<\/p>\n\n\n\n

In the past, ARK acquired 120,020 Robinhood shares for $1.3 million on February 7 and 42,129 HOOD shares for approximately $490,000.<\/p>\n\n\n\n

Robinhood, Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), and Tesla (TSLA) are among the top holdings of ARKW as of February 15. The ARK Bitcoin ETF comprises 7.6% of the fund's allocations, while Coinbase and Roku each contribute 9.5% and 7.7%, respectively.<\/p>\n\n\n\n

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Top six holdings by the ARK Next Generation Internet ETF (ARKW). Source: ARK<\/figcaption><\/figure>\n\n\n\n

The news surfaced as ARK's spot Bitcoin ETF further expanded its Bitcoin exposure<\/a>. The ARK 21Shares Bitcoin ETF (ARKB) acquired an additional 1,960 BTC on February 15, 1,960 BTC more than it held on its first day of trading, or 1,625 BTC.<\/p>\n\n\n\n

Bitcoin's price on the CoinGecko website indicates that ARK's spot Bitcoin ETF has allocated a cumulative of 24,925 BTC, or $1.3 billion, as of this writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spot Bitcoin exchange-traded fund (ETF) issuer ARK Invest has sold major cryptocurrency-related stocks, including those of Coinbase and Robinhood, for the first time this year. ARK divested 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares from its ETFs on February 14, according to a trade notification that Cointelegraph obtained. The trading firm divested 152,600 […]<\/p>\n","protected":false},"author":12,"featured_media":71470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[948,2292,150,1223,1241],"class_list":["post-71455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ark-invest","tag-cathie-wood","tag-coinbase","tag-robinhood","tag-stocks"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/image-48.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71455"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71470"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}