Since the beginning of the month, leading asset management firm Ark Invest has been on a selling spree for the stock of the largest American cryptocurrency exchange, Coinbase (COIN). Barely two weeks into December, the investment manager has sold more than 9 million worth of COIN. While Ark has been offloading the shares at several intervals over the past months, it doubled down on the sales after the stock surged alongside bitcoin (BTC) to a 19-month high. How Much COIN Ark Has Sold On December 5, Ark made its first COIN sale of the month, offloading 237,572 shares worth roughly million at the day’s closing price of 0.20. This was after the firm had raked in approximately million from selling over 119,000 shares on November 27, 29, and 30. This month’s first
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Since the beginning of the month, leading asset management firm Ark Invest has been on a selling spree for the stock of the largest American cryptocurrency exchange, Coinbase (COIN). Barely two weeks into December, the investment manager has sold more than $119 million worth of COIN.
While Ark has been offloading the shares at several intervals over the past months, it doubled down on the sales after the stock surged alongside bitcoin (BTC) to a 19-month high.
How Much COIN Ark Has Sold
On December 5, Ark made its first COIN sale of the month, offloading 237,572 shares worth roughly $33 million at the day’s closing price of $140.20. This was after the firm had raked in approximately $15 million from selling over 119,000 shares on November 27, 29, and 30.
This month’s first sale was from three exchange-traded funds (ETFs), including Fintech Innovation (ARKF), Innovation (ARKK), and Next Generation Internet (ARKW).
Ark Invest offloaded another batch of Coinbase stock on December 6, netting $24.3 million. The investment company sold 180,422 shares at the day’s closing price of $134.63 from its ARKK, ARKW, and ARKF ETFs.
On Friday, December 8, Ark executed its largest COIN sale since July, offloading 335,860 shares across three ETFs, with the bulk coming from ARKK. At Coinbase’s closing price of $146.62, the sale raised $49.2 million, a little less than the $50.5 million gathered from the July sale of 480,000 shares.
Ark Vies For Spot Bitcoin ETF
Furthermore, this week kicked off with Ark selling 13,687 COIN for $1.88 million at Monday’s closing price of $137.35. Another 82,255 shares were offloaded on December 12 for $11.5 million at the day’s closing price of $139.62 from the firm’s ARKK, ARKW, and ARKF ETFs.
Ark Invest has remained tuned to its strategy of accumulating assets when they dip and offloading during a surge to make a profit. Despite the recent COIN sales, the stock still makes up a substantial percentage of the firm’s holdings.
Meanwhile, Ark is vying for a spot Bitcoin ETF alongside other traditional giants. The investment manager’s application will most likely be approved in January as it precedes other submissions.