ARK Invest, a key player in the US Bitcoin exchange-traded fund (ETF) scene, has made its first major cryptocurrency-related stock sales of the year.
On February 14, ARK sold off 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares from its ETF portfolios, as indicated by a trade notification reviewed by Cointelegraph.
The bulk of the Coinbase shares, totaling 152,600, were sold from the ARK Innovation ETF (ARKK). Additional sales included 31,459 shares from the ARK Fintech Innovation ETF (ARKF) and 30,009 shares from the ARK Next Generation Internet ETF (ARKW). The total proceeds from the sale amounted to $34 million based on Coinbase’s closing price of $160.4 on Wednesday, according to TradingView data.
ARK’s decision to sell Coinbase shares coincided with COIN reaching its highest levels in 2024, surpassing $160 for the first time since early January. The stock is now approaching its previous high of $173 set in November 2023, with the all-time high being around $320 in September 2021.
In addition to the Coinbase sale, ARK’s ARKW fund offloaded 119,394 Robinhood shares. This move marked a departure from the firm’s previous accumulation of Robinhood shares. The sale, valued at approximately $1.5 million based on HOOD’s closing price on February 14, was made to comply with Rule 12d3-1, which limits ETFs from acquiring more than 5% of their total assets in certain securities.
Previously, ARK had purchased 42,129 HOOD shares for around $490,000 on February 13 and 120,020 shares for $1.3 million on February 7.
As of February 15, ARKW’s top holdings include Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood. Coinbase and Roku account for 9.5% and 7.7% of the fund’s allocations, respectively, while the ARK Bitcoin ETF makes up 7.6%.
Meanwhile, ARK’s spot Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB), continues to increase its Bitcoin exposure. On February 15, ARKB purchased an additional 1,960 BTC, bringing its total holdings to 24,925 BTC, valued at $1.3 billion based on Bitcoin’s price on the CoinGecko website.
