ARK Invest Profits Big From Coinbase Rally, Sells $50M Worth of Shares
Allgemein• ARK Invest, a tech-oriented investment manager, has been selling its Coinbase (COIN) shares for the past week.
• The company sold $50.5 million worth of shares in three funds as the stock surged to new highs due to BlackRock’s surveillance-sharing agreement with Coinbase.
• Several other firms have followed suit and refiled their own Bitcoin ETFs, leading many to believe that the US SEC will finally approve at least one Bitcoin spot ETF proposal.
ARK Invest Sells $50.5 Million Worth of Coinbase Shares
The tech-oriented investment manager, ARK Invest is considered to be one of the largest holders of Coinbase (COIN) shares and owns over 10.5 million shares. Last week, ARK started selling off their shares in two occasions and cashed out roughly $62 million from these sales as Coinbase’s share hit record highs.
BlackRock Pursues Surveillance Agreement With Coinbase
The rally for COIN shares started after BlackRock entered into a surveillance-sharing agreement with Coinbase in order to gain approval from the US SEC on their Bitcoin ETF proposal which had been rejected on June 5th due to lack of sufficient surveillance measures. Other firms also pursued similar agreements with Coinbase and refiled their own ETFs hoping that this would be enough for the US SEC to approve them.
ARK Profits From Recent Rally
Following the surge in COIN prices, ARK Invest sold more than 480,000 shares across three different funds on July 11th and 14th respectively earning them around $62 million from this sale while still holding onto 10.5 million more COIN shares making it one of Coinbase’s largest shareholders out there.
US Finally Gets Its Own Bitcoin ETF?
With these partnerships now established between several firms and Coinbases , all issues that the SEC had pointed out are now fixed leaving many hopeful that they will finally approve at least one Bitcoin spot ETF proposal .
Conclusion
ARK Invest has profited greatly from the recent surge in price for Coinbase’s (COIN) stocks after BlackRock entered into a surveillance-sharing agreement with them . With several other firms following suit and refiling their own ETFs , it looks like it may only be a matter of time before we see a Bitcoin Spot ETF approved by the US SEC .