COIN

April

Grayscale Bitcoin Trust

<p>Ark Invest, led by Cathie Wood, has intensified its Coinbase (COIN) share sale. On Friday last week, the firm <a href="https://research.ark-invest.com/e3t/Ctc/I1+113/c3nSf04/VVtmJ16qGRhcVCJ41Y3wT2PyW1h36Dw56GBNzN7Rfly03qgyTW6N1vHY6lZ3lqW5KsMPv3p5jh-N8DQ11PWLrFWW6PDM_D6pVxdJW13DMgT1cNL1dW80wGx95TmCW2W7crsd85BfSZfLx0v7L95CmW6KgQmz6zPz_2W7sVkVP6jg5kRN95TNmYFfS6qW5dpm045hvrSnW7pnZWD3FKHTDN8Z_d7t6LQXgW4cJWvv56Qy07W8KSHv75yXHX4W5-KWD87nnjDMW7dsqgS3zhnWYVCjcfj4YXl6MW6ccxNm817bwQVgnN3P1QhDhTW67gdy97fH1yKW5hgPfV8Jd0zkf80DVjR04" rel="noopener noreferrer nofollow" target="_blank">executed </a>another sale, offloading about 335,860 COIN shares, valued at approximately $49.2 million; this follows the $59 million in COIN it sold earlier last week.&nbsp;</p>
<h2 class="wp-block-heading" id="strategic-portfolio-adjustments">Strategic portfolio adjustments</h2>
<p>Ark Invest’s sale was distributed across three exchange-traded funds (ETFs), mostly from the Innovation ETF (ARKK). This move raised substantial capital, reflecting a strategic shift in the firm’s investment approach. The recent appreciation in Coinbase’s stock, paralleling Bitcoin’s rally, has prompted consistent sales from Ark Invest. The firm maintains a policy of keeping individual holdings within a 2-10% weighting range in its ETFs. With Coinbase’s stock reaching heights not seen since April 2022, its weighting in ARK’s ETFs had exceeded this threshold.</p>
<p>Despite these sales, COIN still represents a significant portion of Ark Invest’s portfolio, accounting for over 11% of ARKK and the Next Generation ETF (ARKW) and more than 13% in the Fintech Innovation ETF (ARKF).</p>
<h2 class="wp-block-heading" id="market-context-and-implications">Market context and implications</h2>
<p>Coinbase’s stock closed last Friday at $146.62, marking a 7.66% increase on the day. This performance aligns with a broader trend in the cryptocurrency market, where Bitcoin surged above $44,000 before experiencing a correction.&nbsp; Ark Invest also reduced its holdings in the Grayscale Bitcoin Trust (GBTC), selling 102,672 shares valued at around $3.6 million. GBTC’s share, representing 8.33% of ARKW, mirrors the dynamic shifts in the crypto market.</p>
<p>Coinbase’s stock, though experiencing a significant uptick and standing 300% higher year-to-date, still remains 57% below its all-time high of $342.98 set in November 2021. With a current valuation of $27.3 billion,&nbsp;</p>
<p>The firm’s strategy indicates a keen awareness of market trends and a readiness to adjust its holdings to maintain balanced and strategic portfolio weightings.&nbsp;</p>
<p>According to<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow" target="_blank"> CoinGlass data</a>, today’s market volatility led to the liquidation of over $94 million worth of Bitcoin positions. The majority of these positions ($85 million) were longs, resulting in a total of $360 million in liquidations across different exchanges.</p>

Cathie Wood’s Ark Invest offloads record number of Coinbase stocks

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