ARK's Crypto Trading Activity
ARK Invest, known for its interest in tech and crypto stocks, has been active in the market again. In August, they sold 69,069 shares of Coinbase, totaling $14.7 million. This sale was the biggest since ARK sold around 60,000 Coinbase shares daily in March and April.
Despite these sales, ARK still holds a significant amount of Coinbase shares, which make up about 10% of the ARK Fintech Innovation ETF (ARKF). This comes after Coinbase reported a total revenue of $1.4 billion for the second quarter of 2024.
First Purchase of 3iQ Ether Staking ETF
After selling Coinbase shares, ARK bought 1.7 million shares of the Canada-based 3iQ Ether Staking ETF, worth around $21 million. The 3iQ Ether Staking ETF focuses on investing in Ether and earning passive rewards through staking. This ETF has seen a significant increase this year, growing about 40%.
Moving Away From Bitcoin ETFs
Alongside selling Coinbase stock, ARK also sold shares from Robinhood and their Bitcoin ETF. On August 1, they sold 108,751 shares of the ARK 21Shares Bitcoin ETF (ARKB), amounting to about $6.9 million.
This move might indicate a shift towards Ethereum-based ETFs, expecting them to grow similarly to Bitcoin ETFs. Although the launch of Ethereum ETFs didn't see a huge immediate price increase, some experts believe they will attract significant investment over time, potentially drawing around 30% to 50% of the inflows seen in Bitcoin ETFs.
This strategy shift highlights ARK's ongoing interest in the evolving cryptocurrency market, particularly as new Ethereum products gain traction.
