Ark Invest, an American investment management firm, has continued to rebalance its crypto portfolio, offloading more than $22 million worth of shares in Coinbase Global, Block Inc., and Robinhood Markets.
On Thursday, Ark sold a combined $12.1 million worth of Coinbase stock across two of its exchange-traded funds (ETFs). The ARK innovation ETF (ARKK) shed 27,614 shares, while the ARK Next Generation Internet ETF (ARKW) sold 2,887 shares. Based on Thursday’s closing price of $396.70 per share, the total Coinbase sale is valued at approximately $12.1 million.
In addition, ARKK trimmed its position in fintech firm Block Inc., selling 123,169 shares valued at around $9.8 million, based on the stock’s closing price of $79.77. ARKW also sold 11,262 shares of Robinhood Markets, bringing in roughly $1.1 million, with Robinhood closing at $101.93. Meanwhile, on Thursday, Coinbase shares dropped 0.28% and Block Inc fell 0.09%. There was also a reduction of Robinhood markets by 0.15% as well.
These moves are part of a new realignment strategy at Ark Invest. The announcement came at the start of this week when the investment firm purchased $182 million worth of shares of Bitmine in the ETF portfolio they offer. Bitmine, a relatively new player in the digital asset world, recently reported that the amount of Ethereum it possesses is over $1 billion.
Ark Invest’s latest changes are reflective of a shift among companies with more direct contact to cryptocurrency holdings and infrastructure as opposed to exchanges and fintech companies. The portfolio activity shows a subtle outlook on crypto exposure, one focused on flexibility in the precarious bitcoin market.
Also Read: Ark Invest Sold $13M of Coinbase (COIN) and Robinhood (HOOD) Shares
