According to Cointelegraph: ARK Invest, one of the issuers of a spot Bitcoin exchange-traded fund (ETF) in the US, sold sizeable positions in crypto-related stocks for the first time this year.
On February 14, ARK disposed of 214,068 Coinbase (COIN) shares and 119,394 Robinhood (HOOD) shares from its ETFs. The bulk of the Coinbase shares, 152,600, were sold from ARK Innovation ETF (ARKK), with further sales from the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW).
The total amount for these sales was about $34 million, based on Coinbase's closing price of $160.4. ARK’s latest sale comes as Coinbase's stock was breaking its 2024 highs, reaching above $160 for the first time since the start of the year.
In addition, ARKW's ETF sold 119,394 Robinhood shares, amounting to around $1.5 million, based on HOOD’s closing price on Feb. 14. The firm cited compliance with Rule 12d3-1, which restricts ETFs from accumulating over 5% of its assets in securities by a registered investment adviser, broker, dealer, or underwriter.
ARK Invest's top holdings as of February 15 include Coinbase, Roku (ROKU), ARK Bitcoin ETF, Block (SQ), Tesla (TSLA), and Robinhood. Coinbase and Roku account for 9.5% and 7.7% of the fund’s allocations, while the ARK Bitcoin ETF comprises 7.6%. Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB) increased its Bitcoin exposure, buying another 1,960 BTC, thus holding a total of 24,925 BTC, worth $1.3 billion.
