Cathie Wood-led investment firm Ark Invest has seen significant sell-offs in both Coinbase (COIN) shares and its own spot Bitcoin ETF, ARKB.
Ark Invest Sells $1 Million in Coinbase Stock and Its Own Bitcoin ETF
The company raised approximately $13.3 million by selling 34,207 Coinbase shares and $8.7 million by selling 225,742 ARKB shares. The sales came just after both Bitcoin and Coinbase reached all-time highs.
Ark Invest maintains a strategy of not exceeding 10% of any asset weight in its funds. This policy aims to maintain portfolio diversity and involves regular rebalancing in the event of significant increases or decreases in asset value.
According to the company’s latest data, Coinbase stock makes up 7.9% of the ARKW fund, worth approximately $172.8 million. Robinhood, the fund’s largest holding, is 8%, worth $175.5 million.
Coinbase shares rose 1.8% to a record $394.01 on Monday, pushing the company’s market capitalization past $100 billion for the first time. However, on Tuesday, the shares fell 1.5% to $388.02. In the past month, the shares have gained more than 50%, fueled by Bitcoin’s record-breaking rally and the notable IPO of its stablecoin partner, Circle.
Ark Also Sells Out of Its Bitcoin ETF
Ark Invest also sold $8.7 million of its own spot Bitcoin ETF, ARKB, from the same fund on Tuesday. The sale coincided with Bitcoin’s recent breakout above $123,000 on Monday, followed by a drop below $116,000 on Tuesday.
ARKB is the fourth largest position, accounting for 7.2% of the ARKW fund and worth approximately $157.2 million.
Strong Inflows Continue into Bitcoin ETFs
On Tuesday, ARKB saw net outflows of $6.2 million, while spot Bitcoin ETFs saw net inflows of $403.1 million. BlackRock’s IBIT ETF led the inflows, contributing $416.3 million.
Spot Bitcoin ETFs have seen inflows for the past nine days, raising a total of $4.4 billion. Since their launch in January 2024, the ETFs have seen total net inflows exceeding $53.3 billion. ARKB accounts for $2.9 billion of this figure and currently manages $5 billion in assets.
BRN chief analyst Valentin Fournier made the following statement in his assessment:
“ETF inflows are strong, altcoins are gaining momentum, and sentiment is high on macro optimism. Bitcoin has more room to top, but in the short term, we’re leaving the stage to altcoins.”
*This is not investment advice.
