COIN

Bitcoin ETF

Cryptocurrency-related trades are again gathering steam at&nbsp;Cathie Wood’s investment firm ARK Invest as it returned to trading tens of millions of dollars in crypto-related stocks and exchange-traded funds (ETF) in one day.
After <a href="https://cointelegraph.com/news/cathie-wood-ark-sells-coinbase-bitcoin-70k">resuming significant sales of Coinbase stock</a>&nbsp;in July, ARK increased it’s sales selling in August, dumping 69,069 Coinbase shares on Aug. 1, according to trading data seen by Cointelegraph. Based on the stock’s closing price, the amount is worth $14.7 million, <a href="https://www.tradingview.com/symbols/NASDAQ-COIN/" target="_blank" rel="noopener nofollow">according</a> to data from TradingView.
The transaction is ARK’s biggest Coinbase sale since early April and late March when the firm dumped around 60,000 Coinbase shares daily.
Despite resuming heavy Coinbase sales, ARK’s funds still hold significant Coinbase shares. As of Aug. 2, Coinbase is the top asset in the ARK Fintech Innovation ETF (ARKF), accounting for nearly 10% of the fund’s portfolio.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2f08ee60-6187-42cf-ae60-d32f438b6207.png" alt="ARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stock" title="">
 <figcaption style="text-align: center;">
 Top three assets in the ARK Fintech Innovation ETF (ARKF) by weight. Source: ARK&nbsp;Invest
 </figcaption>
</figure>
ARK’s massive Coinbase sale came as&nbsp;<a href="https://cointelegraph.com/news/coinbase-q2-earnings-crypto-trading-volumes-revenue">the exchange reported $1.4 billion</a> in total revenue in the second quarter of 2024.
“The performance seen over this quarter demonstrates the extraordinary progress we as a company have made toward driving regulatory clarity on a global scale,” said Tom Duff Gordon, Coinbase’s vice president of international policy.
<h2 data-ct-non-breakable="true" id="ark-debuts-buying-3iq-ether-staking-etf">ARK debuts buying 3iQ Ether staking ETF</h2>
While dumping Coinbase, ARK has made its first purchase of the Canada-based 3iQ Ether staking ETF (ETHQ.U), which is a fund seeking long-term capital appreciation by investing in Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and generating passive rewards through <a href="https://cointelegraph.com/learn/ethereum-2-0-staking-a-beginners-guide-on-how-to-stake-eth">staking</a>.
After launching the fund as the 3iQ Ether ETF in 2021, 3iQ <a href="https://www.newswire.ca/news-releases/3iq-launches-staking-in-the-3iq-ether-staking-etf-and-the-ether-fund-marking-north-america-s-first-staking-exchange-traded-products-835042988.html" target="_blank" rel="noopener nofollow">expanded</a> the product with staking in 2023 in collaboration with Coinbase and Tetra Trust.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/010af1d8-57d6-4668-9658-b4860b0ec034.png" alt="ARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stock">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/3iq_corp/status/1801679906499170665" target="_blank" rel="noopener nofollow">3iQ Digital Asset Management</a>
 </figcaption>
</figure>
ARK’s trading data shows that the firm purchased 1.7 million ETHQ.U shares on Aug. 1 worth around $21 million, <a href="https://www.tradingview.com/symbols/TSX-ETHQ.U/" target="_blank" rel="noopener nofollow">according</a> to TradingView data. Around one million ETHQ.U shares from this amount were allocated to the ARK Next Generation Internet ETF (ARKW), with the remaining 651,713 shares purchased through the ARK Fintech Innovation ETF.
Related: <a href="https://cointelegraph.com/news/crypto-com-surpasses-coinbase-trading-volume-institutional-growth">Crypto.com surpasses Coinbase in trading volume as institutional demand grows</a>
Closing at $12.3 on Aug. 1, the 3iQ Ether staking ETF has seen significant growth in recent months, surging around 40% year to date.
<h2 data-ct-non-breakable="true" id="ark-sells-its-own-spot-bitcoin-etf-and-robinhood-shares">ARK sells its own spot Bitcoin ETF and Robinhood shares</h2>
In addition to selling the Coinbase stock, ARK has also dumped some shares from its Robinhood stash and its own spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETF. The ARK 21Shares Bitcoin ETF (ARKB)&nbsp;<a href="https://cointelegraph.com/news/bitcoin-spot-etf-volumes-break-records-blackrock-fidelity-grayscale">debuted trading in the United States</a>&nbsp;alongside nine other spot Bitcoin ETFs on Jan. 11, 2024.
<a href="https://cointelegraph.com/learn/cathie-wood">Wood’s</a> investment firm <a href="https://www.tradingview.com/symbols/AMEX-ARKB/" target="_blank" rel="noopener nofollow">offloaded</a> 108,751 ARKB shares from its ARKW fund on Aug. 1, totaling around $6.9 million, based on data from TradingView. ARK also <a href="https://www.tradingview.com/symbols/NASDAQ-HOOD/" target="_blank" rel="noopener nofollow">dumped</a> 282,435 Robinhood shares for $5.7 million.
Magazine: <a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

ARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stock

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