**Crypto News Update**
**Ark Invest, Under Cathie Wood’s Leadership, Boosts Bitcoin ETF and Coinbase Stock Sales**
Ark Invest has transformed its investments into cash by liquidating $6.9 million worth of shares from its spot Bitcoin ETF and Coinbase.
**Author:** Utku Yanık
**Date:** 02.08.2024 – 13:57
**Update:** 31 minutes ago
On Thursday, Ark Invest, spearheaded by Cathie Wood, divested 108,751 shares from its ARKB spot Bitcoin ETF, along with its Next Generation Internet ETF (ARKW), totaling a valuation of $6.9 million.
Despite spot Bitcoin ETFs experiencing net inflows of $50.6 million on August 1, Ark’s ARKB, in collaboration with 21Shares, reported net outflows of $22.4 million. Alongside the reduction in its Bitcoin ETF stakes, Ark Invest also ramped up its sales of Coinbase stock.
The firm sold 31,517 shares of ARKW, valued at $6.7 million, and 37,552 shares of the Fintech Innovation ETF (ARKF) worth $8 million, following a $2.7 million liquidation of COIN shares on Wednesday, as detailed in its most recent transaction report.
Ark’s investment strategy promotes diversification among its funds, ensuring that no single holding surpasses 10% of the ETF portfolio. This approach allows the firm to consistently recalibrate asset proportions as ARKB and COIN appreciate in value compared to other investments.
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As of August 2, ARKB holds the top position within ARKW, valued at $142.4 million, representing 10.6% of the fund’s portfolio. Meanwhile, Coinbase stock stands as the fourth largest holding in ARKW, accounting for 6.7% ($90.4 million), and is Ark’s largest holding in ARKF at 9.7% ($77.4 million).
On Thursday, ARKB traded at $63.20, reflecting a 3% decrease for the day, though it has risen 26.4% year-to-date. Coinbase shares closed at $212.64, down over 5% for the day. Despite a year-to-date increase of 22.9%, the stock remains 38% below its peak of $342.98, which was achieved in November 2021.
Coinbase recently announced Q2 revenue of $1.45 billion, marking an 11% decline from Q1, a drop partially attributed to reduced consumer transactions in light of market corrections. The company’s current valuation stands at $41.7 billion.
*This article does not constitute investment advice.*
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