Investment firm Ark Invest, led by Cathie Wood, has conducted significant sell-offs of Coinbase shares and its own Bitcoin ETF.
Sale of Coinbase Shares
Ark Invest sold approximately 34,207 shares of Coinbase, raising about $13.3 million. This sale came shortly after Coinbase shares reached a record high of $394.01, pushing the company's market capitalization above $100 billion. However, the next day, shares fell 1.5% to $388.02. Over the past month, shares have gained more than 50%, fueled by Bitcoin's rally and the successful IPO of its partner Circle.
Sale of Bitcoin ETF ARKB
Ark Invest also sold $8.7 million of its own Bitcoin ETF, ARKB, which accounts for 7.2% of the ARKW fund, valued at approximately $157.2 million. The sale coincided with Bitcoin's recent breakout above $123,000, followed by a drop below $116,000.
Capital Inflows into Bitcoin ETFs
While ARKB experienced net outflows of $6.2 million, Bitcoin ETFs noted significant inflows totaling $403.1 million. BlackRock's ETF led these inflows, contributing $416.3 million. Over the past nine days, Bitcoin ETFs have attracted $4.4 billion in total inflows, with overall net inflows exceeding $53.3 billion since their launch in January 2024.
Ark Invest's operations highlight the dynamics in the cryptocurrency market and the importance of asset management, particularly in a volatile environment.
