Cathie Wood’s ARK Invest has resumed active trading of cryptocurrency-related stocks, signaling strategic maneuvers in the crypto market.
On August 1, ARK made its first purchase of the 3iQ Ether Staking ETF (ETHQ.U), acquiring 1.7 million shares worth around $21 million. This ETF, which focuses on long-term capital appreciation through Ether investments and staking rewards, has seen a growth of approximately 40% year-to-date. The majority of these shares were allocated to the ARK Next Generation Internet ETF (ARKW), with the remainder going to the ARK Fintech Innovation ETF.
Since our staking program began last October, the 3iQ Ether Staking ETF has seen +24% growth in its units outstanding. It is one of few Canadian ETH ETFs to see net creations in 2024 and is currently the only ETF with staking integrated today. Welcome new investors and thank you… pic.twitter.com/miHhidWRLI
— 3iQ Digital Asset Management (@3iq_corp) June 14, 2024
Meanwhile, ARK sold 69,069 shares of Coinbase, valued at roughly $14.6 million based on the closing price. This sale marks ARK’s largest divestment of Coinbase stock since early April and late March, when it offloaded around 60,000 shares daily. Despite these sales, ARK maintains a significant position in Coinbase, with the stock comprising nearly 10% of the ARK Fintech Innovation ETF (ARKF) portfolio as of August 2. This transaction followed Coinbase’s report of $1.4 billion in total revenue for the second quarter of 2024.
Additionally, ARK sold 108,751 shares of its ARK 21Shares Bitcoin ETF (ARKB), totaling around $6.9 million, and offloaded 282,435 shares of Robinhood, worth about $5.7 million. This trading activity could indicate a strategic pivot towards Ethereum-based ETFs, highlighting ARK’s adaptive approach in the dynamic cryptocurrency market.
