CDS Crypto News spot Bitcoin ETF- Ark Invest has sold $6.9 million worth of its spot Bitcoin ETF
Crypto News

spot Bitcoin ETF- Ark Invest has sold $6.9 million worth of its spot Bitcoin ETF

72
Spot Bitcoin Etf- Ark Invest Has Sold $6.9 Million Worth Of Its Spot Bitcoin Etf

spot Bitcoin ETF- Ark Invest offloads $6.9 million in its spot Bitcoin ETF and ramps up its disposal of Coinbase shares

spot Bitcoin ETF- Ark Invest recently sold 108,751 shares of its ARKB spot Bitcoin ETF, worth $6.9 million, from its Next Generation Internet ETF (ARKW) on Thursday.

On August 1, the ARKB, issued by Ark and 21Shares, experienced net outflows totaling $22.4 million, even though spot Bitcoin ETFs as a whole saw combined net inflows of $50.6 million.

Spot Bitcoin Etf- Ark Invest Has Sold $6.9 Million Worth Of Its Spot Bitcoin Etf

The investment firm, led by Cathie Wood, also increased its sales of Coinbase stock on the same day. Ark sold 31,517 shares (valued at $6.7 million) from ARKW and 37,552 shares (worth $8 million) from its Fintech Innovation ETF (ARKF). This followed a $2.7 million sale of COIN on Wednesday, as noted in their latest trade filing.

Ark’s investment strategy aims to ensure no single holding exceeds 10% of an ETF’s portfolio to maintain diversification. Therefore, the firm is likely to continue adjusting its asset allocations if ARKB and COIN increase in value relative to other holdings. As of August 2, ARKB is the largest holding within ARKW, representing 10.6% of the ETF with a value of $142.4 million. COIN is the fourth-largest holding in ARKW at 6.7%, worth $90.4 million, and the largest holding in ARKF at 9.7%, valued at $77.4 million. Coinbase shares closed at $212.64 yesterday, a drop of over 5%, according to TradingView. Despite a 22.9% gain year-to-date, the stock remains 38% below its all-time high of $342.98 from November 2021.

Spot Bitcoin Etf- Ark Invest Has Sold $6.9 Million Worth Of Its Spot Bitcoin Etf

On Thursday, Coinbase reported $1.45 billion in revenue for Q2, an 11% decrease from Q1, partly due to reduced consumer transactions amidst ongoing corrections in the crypto market.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Spot Bitcoin Etf- Ark Invest Has Sold $6.9 Million Worth Of Its Spot Bitcoin Etf

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...