Over the past several weeks, ARK Invest has, as one of the top investment firms, been selling its shares of Coinbase Global Inc. at an alarming rate.
This year, the investment company has resumed its selling and has reportedly sold off more than $225 million worth of shares since December 2021.
ARK Invest sold 166,183 COIN shares on 3rd January, for an estimated $25.3 million, from two of its exchange-traded funds (ETFs): the ARK Next Generation Internet ETF (ARKW) and the ARK Innovation ETF (ARKK).
This comes after a string of transactions in December 2021, during which the company sold COIN shares valued at over $200 million from a number of ETFs, including the ARK Fintech Innovation ETF (ARKF).
The sales point to a sharp change in ARK Invest's approach to investing in Coinbase, one of its top assets in 2021.
When Coinbase went public in April 2021, ARK Invest was among the first institutional investors to purchase shares of the exchange.
Wood lauded Coinbase at the time for being a "decentralized platform" that would make the crypto market more accessible to everybody.
But ever since, Coinbase's stock price has been erratic, ranging from $150 to $429, and Ark Invest has been selling with fervour.
ARK Invest has been selling other crypto stocks as well. On 2 January, the company sold 23,606 shares of Robinhood, valued at around $300,000, as well as 3,360 Coinbase shares, worth over $580K.
Additionally, 2.25 million shares of the Grayscale Bitcoin Trust (GBTC), worth about $81 million, were liquidated by ARK Invest last week, and used this money to invest in two new Bitcoin ETFs that launched in October 2021: the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and the ProShares Bitcoin Strategy ETF (BITO).
ARK Invest is also one of the many firms that have filed for a spot Bitcoin ETF, after partnering with 21Shares in June 2021.
All things considered, ARK Invest is known for its optimism in Bitcoin, Ethereum and other cryptocurrencies, as well as other industries like fintech, biotech, and artificial intelligence.
The firm's divestment from Coinbase and Robinhood, as well as the investments in Bitcoin, show that Ark Invest believes strongly in Bitcoin's ability to perform spectacularly in 2024.
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