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BitcoinSistemi 2025-02-26 13:39:09

Investment Firm ARK Invest Bought Stocks of This Exchange by Selling Its Own Bitcoin ETFs! Here Are the Details

Cathie Wood-led ARK Invest made a strategic shift in crypto assets on Tuesday, selling its own spot Bitcoin ETF (ARKB) worth around $9 million for Coinbase (COIN) shares as the cryptocurrency market plunged. ARK Invest Swaps Nearly $9 Million of Its Bitcoin ETF for Coinbase Amid Crypto Market Rout According to transaction data, ARK Invest sold 98,060 ARKB shares worth approximately $8.6 million, while also purchasing 41,032 Coinbase shares for its Next Generation Internet ETF (ARKW). The $8.7 million purchase came as COIN shares fell nearly 6.5% to $212.49 amid a broader crypto sell-off. Tuesday’s crypto crash sent Bitcoin (BTC) plunging below $87,000 to a three-month low and triggering record outflows from U.S. spot Bitcoin ETFs. The sector witnessed around $940 million in net outflows, the largest single-day outflow since the funds were launched in January 2024, according to SoSoValue data. Despite the market turmoil, ARK’s latest move reflects confidence in Coinbase’s long-term value as a leading crypto exchange. This was the largest purchase of COIN in dollar terms since August 5, 2024, when ARK purchased 93,800 shares for $17.8 million. The decision to switch funds from Bitcoin ETFs to Coinbase stock suggests that ARK sees greater potential upside in crypto infrastructure firms rather than direct exposure to BTC, at least in the short term. *This is not investment advice. Continue Reading: Investment Firm ARK Invest Bought Stocks of This Exchange by Selling Its Own Bitcoin ETFs! Here Are the Details