ARK dumps first Coinbase and Robinhood shares since January
Spot Bitcoin ETF issuer ARK Invest sold $34 million in Coinbase shares amid the stock breaking new highs in 2024.
ARK Invest — one of the issuers of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States — has sold some major cryptocurrency-related stocks for the first time this year.
On Feb. 14, ARK dumped 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares from its ETFs, according to a trade notification seen by Cointelegraph.
The trading firm offloaded 152,600 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 31,459 and 30,009 being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively. The entire sale netted $34 million, based on Coinbase's closing price of $160.4 on Wednesday, according to TradingView.
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