ARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stock

Helen Partz11 hours agoARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stockCathie Wood’s ARK has resumed active trading of crypto-related stocks like Coinbase, 3iQ Ether staking ETF, Robinhood and its own spot Bitcoin ETF.1236 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCryptocurrency-related trades are again gathering steam at Cathie Wood’s investment firm ARK Invest as it returned to trading tens of millions of dollars in crypto-related stocks and exchange-traded funds (ETF) in one day.

After resuming significant sales of Coinbase stock in July, ARK increased it’s sales selling in August, dumping 69,069 Coinbase shares on Aug. 1, according to trading data seen by Cointelegraph. Based on the stock’s closing price, the amount is worth $14.7 million, according to data from TradingView.

The transaction is ARK’s biggest Coinbase sale since early April and late March when the firm dumped around 60,000 Coinbase shares daily.

Despite resuming heavy Coinbase sales, ARK’s funds still hold significant Coinbase shares. As of Aug. 2, Coinbase is the top asset in the ARK Fintech Innovation ETF (ARKF), accounting for nearly 10% of the fund’s portfolio.Top three assets in the ARK Fintech Innovation ETF (ARKF) by weight. Source: ARK Invest

ARK’s massive Coinbase sale came as the exchange reported $1.4 billion in total revenue in the second quarter of 2024.

“The performance seen over this quarter demonstrates the extraordinary progress we as a company have made toward driving regulatory clarity on a global scale,” said Tom Duff Gordon, Coinbase’s vice president of international policy.ARK debuts buying 3iQ Ether staking ETF

While dumping Coinbase, ARK has made its first purchase of the Canada-based 3iQ Ether staking ETF (ETHQ.U), which is a fund seeking long-term capital appreciation by investing in Ether (ETH) and generating passive rewards through staking.

After launching the fund as the 3iQ Ether ETF in 2021, 3iQ expanded the product with staking in 2023 in collaboration with Coinbase and Tetra Trust.Source: 3iQ Digital Asset Management

ARK’s trading data shows that the firm purchased 1.7 million ETHQ.U shares on Aug. 1 worth around $21 million, according to TradingView data. Around one million ETHQ.U shares from this amount were allocated to the ARK Next Generation Internet ETF (ARKW), with the remaining 651,713 shares purchased through the ARK Fintech Innovation ETF.

Related:Crypto.com surpasses Coinbase in trading volume as institutional demand grows

Closing at $12.3 on Aug. 1, the 3iQ Ether staking ETF has seen significant growth in recent months, surging around 40% year to date.ARK sells its own spot Bitcoin ETF and Robinhood shares

In addition to selling the Coinbase stock, ARK has also dumped some shares from its Robinhood stash and its own spot Bitcoin (BTC) ETF. The ARK 21Shares Bitcoin ETF (ARKB) debuted trading in the United States alongside nine other spot Bitcoin ETFs on Jan. 11, 2024.

Wood’s investment firm offloaded 108,751 ARKB shares from its ARKW fund on Aug. 1, totaling around $6.9 million, based on data from TradingView. ARK also dumped 282,435 Robinhood shares for $5.7 million.

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