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Cathie Wood's Ark Investment Management Refrained from selling shares of virtual currency exchange Coinbase Global Co., Ltd.. (NASDAQ:COIN) on Monday after offloading the stock in all four sessions of the previous week.
what happened: Mr. Wood’s Ark Investments has been selling Coinbase shares consistently since July 2023, even though it had been accumulating Coinbase shares since its direct listing in April 2021. Coinbase maintains its top position in exchange-traded funds, Ark's flagship exchange-traded fund. Ark Innovation ETF (NYSE:ARKK), which has a weight of 10.11% in the ETF.
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Coinbase also Ark Fintech Innovation ETF (NYSE:ARKF), representing a weight of 13.47%; Ark Next Generation Internet ETF (NYSE:ARKW), with a weight of 10.35%.
As of January 8, 2024, Ark holds 7,567,947 shares of Coinbase stock. At Monday's closing price of $159.42, Ark's stock on the cryptocurrency exchange is valued at $1.21 billion.
The company's third quarter 13F report filed on October 18, 2023 shows Ark's Coinbase shares totaling 10,603,564 shares worth $796,115,573.
From the end of the third quarter to date, the number of shares owned by Ark has decreased by 3,035,617 shares, but its value has increased by more than $400 million due to the increase in stock price.
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wood, famous Bitcoin (CRYPTO: BTC) Bulls, saw the Coinbase liquidation raise questions. Some linked this move to the possible approval of a spot Bitcoin ETF by the SEC. Incidentally, Ark is one of 14 companies that has applied to sponsor a Spot Bitcoin ETF, and is jointly announcing the Ark 21Shares Spot Bitcoin ETF with Swiss company 21Shares.
This selloff appears to be related to profit-taking, given that Coinbase remains the top holding across three major funds. Since September 30, 2023, Coinbase stock has increased 112%.
According to reports, the SEC could approve a spot Bitcoin ETF as soon as Wednesday.
Purchase chips: Ark also purchased 57,848 shares of Chip Designer. Qualcomm Corporation (NASDAQ:QCOM) Monday through ARKW, and ARK Autonomous Technology & Robotics ETF (CBOE:ARKQ). Based on Monday's closing price of $139.03, the purchase price is $8.04 million.
The fund manager resumed its position in Qualcomm after liquidating its entire holding in the chipmaker in the third quarter of 2018.
Meanwhile, Ark sold 32,971 shares. Roku Co., Ltd.. (NASDAQ:ROKU) and his 139,379 shares in the automation platform provider. UiPath Co., Ltd.. (NYSE:Path).
ARRK closed Monday's trading 2.82% higher at $50.28, according to . Benzinga Pro data.
Read next: Cathie Wood unfazed by analyst's 'sell' downgrade, increases stake in Palantir by $16.5 million
Option 101: Beginner's Guide
Want to become an options master? Options expert Nic Chahine's free report includes 4 perfect tips for beginners, the secret to earning 411% in options, and his proven success. Provides access to 'plans'. Get your free copy of Options 101: The Beginner's Guide as soon as possible.
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