**Crypto News: Ark Invest’s Strategic Moves in Bitcoin ETF and Coinbase Shares**
**Ark Invest, under the leadership of Cathie Wood, has made significant moves by liquidating $6.9 million worth of its Spot Bitcoin ETF and shares in Coinbase.**
**Author: Utku Yanık**
**Date: 02.08.2024 – 13:57**
**Update: 31 minutes ago**
In a recent transaction, Ark Invest sold 108,751 shares of its ARKB Spot Bitcoin ETF and the Next Generation Internet ETF (ARKW) on Thursday, amounting to a total of $6.9 million.
Despite the spot Bitcoin ETFs attracting net inflows of $50.6 million on August 1, Ark’s ARKB, in partnership with 21Shares, experienced net outflows of $22.4 million.
In addition to trimming its Bitcoin ETF stakes, Ark Invest has ramped up its sales of Coinbase stock. The firm sold 31,517 shares of ARKW, valued at $6.7 million, alongside 37,552 shares of the Fintech Innovation ETF (ARKF) worth $8 million. This followed a $2.7 million divestment of COIN shares the previous day, as outlined in its latest transaction filing.
Ark Invest’s strategy revolves around diversifying its funds, ensuring that no single asset exceeds 10% of the ETF portfolio. This approach allows the firm to adjust asset allocations as ARKB and COIN appreciate relative to other holdings.
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As of August 2, ARKB is the largest asset in ARKW, valued at $142.4 million, making up 10.6% of the fund’s portfolio. Coinbase stock, which is the fourth-largest holding in ARKW at 6.7% ($90.4 million), also stands as Ark’s biggest position in ARKF, comprising 9.7% ($77.4 million) of that fund.
On Thursday, ARKB saw trading at $63.20, reflecting a 3% decline for the day yet a 26.4% increase year-to-date. Meanwhile, Coinbase shares ended the day at $212.64, down over 5%, although the stock has appreciated by 22.9% this year. It remains 38% lower than its peak of $342.98, reached in November 2021.
In its latest financial report, Coinbase announced Q2 revenue of $1.45 billion, marking an 11% decrease from Q1, with the drop partly attributed to a slowdown in consumer transactions amid market corrections. The company currently holds a valuation of $41.7 billion.
*Please note that this information does not constitute investment advice.*
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