ARK offloads $52M worth of Coinbase shares as stock price surges past $270

ARK Invest, one of the issuers of Bitcoin exchange-traded funds (ETFs) in the United States, is capitalizing on the rising stock price of Coinbase by selling its shares. According to a trade notification seen by Cointelegraph, on March 21, ARK sold 199,526 Coinbase shares from its ETFs. The sale included 133,533 shares from the ARK Innovation ETF (ARKK), valued at approximately $35 million, based on Coinbase’s closing price of $262 on that day. ARK also sold 59,215 shares from the ARK Next Generation Internet ETF (ARKW) and 6,778 shares from the ARK Fintech Innovation ETF (ARKF), making the total sale worth $52.3 million at the closing price. This sale comes as Coinbase stock continues to experience steady growth, reaching above $270 for the first time since December 2021. The stock briefly reached $276 on March 21, according to TradingView. This is one of ARK’s most significant sales of Coinbase shares in 2024, with a previous large sale occurring on March 11 when they sold 270,365 shares. On February 16, ARK made its biggest sale of Coinbase shares in 2024, selling 499,149 shares from its three ETFs. At that time, Coinbase shares were trading at around $190, 37% lower than the current price. As of now, Coinbase shares have increased by nearly 250% over the past six months. In addition to Coinbase, ARK has been actively selling shares of Block, a Bitcoin-focused fintech firm founded by Jack Dorsey, the co-founder of Twitter (now known as X). On March 21, ARK sold 188,519 Block shares from its ARKK fund, resulting in a profit of $15.8 million. Furthermore, ARK sold 93,002 Robinhood shares worth around $2 million from the ARKW ETF to comply with Rule 12d3-1, which restricts ETFs from acquiring more than 5% of their total assets in securities. ARK has been consistently selling Robinhood shares to comply with this rule. On March 14, the firm sold 583,563 Robinhood shares from the ARKK fund without citing compliance with Rule 12d3-1.