{"id":81847,"date":"2023-07-18T14:35:02","date_gmt":"2023-07-18T11:35:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81847"},"modified":"2025-09-12T01:31:35","modified_gmt":"2025-09-11T22:31:35","slug":"ark-invest-trims-coinbase-stock-positions-by-26-3-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ark-invest-trims-coinbase-stock-positions-by-26-3-million\/","title":{"rendered":"ARK Invest trims Coinbase stock positions by $26.3 million"},"content":{"rendered":"<p>The ARK Invest funds <a href=\"https:\/\/ark-funds.com\/ark-trade-notifications\/\">\u043b\u0438\u043a\u0432\u0438\u0434\u0438\u0440\u043e\u0432\u0430\u043b\u0438<\/a> positions in Coinbase shares by $26.3 million. The sale was the third in the last seven days.<\/p>\n<p>The funds effected the following actions:<\/p>\n<ul class=\"wp-block-list\">\n<li>The flagship ARK Innovation ETF sold 127,266 shares;<\/li>\n<li>ARK Next Generation ETF \u2014 44,784 shares;<\/li>\n<li>ARK Fintech Innovation ETF \u2014 76,788 shares.<\/li>\n<\/ul>\n<p>The catalyst for the deals could be the further rise in the bitcoin-exchange capitalisation due to a reassessment of its prospects after the verdict in the case <a href=\"https:\/\/forklog.com\/en\/news\/ripple-wins-case-against-the-sec-as-xrp-jumps-24-in-an-hour\">ruled<\/a> by the <a href=\"https:\/\/forklog.com\/en\/news\/ripple-wins-case-against-the-sec-as-xrp-jumps-24-in-an-hour\">SEC<\/a> against Ripple.<\/p>\n<p>On July 13, the Southern District of New York <a href=\"https:\/\/forklog.com\/en\/news\/ripple-wins-case-against-the-sec-as-xrp-jumps-24-in-an-hour\">ruled<\/a>, that programmatic sales and other distributions of the XRP token <a href=\"https:\/\/forklog.com\/en\/news\/what-are-ripple-and-the-cryptocurrency-xrp\">XRP<\/a> do not constitute an offer or sale of investment contracts. The litigation <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">had been ongoing since December 2020<\/a>.<\/p>\n<p>CEO Cathie Wood<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-07-17\/cathie-wood-on-ark-fund-flows-coinbase-ai-investments-video\"> explained<\/a> the moves as simple profit-taking and capital reallocation into lagging stocks. She reiterated a positive stance on Coinbase in light of the recent Ripple news.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-related-stocks-rally-on-etf-news\">An additional driver of positive momentum<\/a> could be news surrounding applications to launch spot Bitcoin-<a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a>.<\/p>\n<p>On June 30, WSJ sources reported that the SEC <a href=\"https:\/\/forklog.com\/en\/news\/wsj-reports-sec-reaction-to-blackrock-and-fidelity-spot-bitcoin-etf-filings\">returned the documents<\/a>, as they did not contain sufficient information regarding the so-called <a href=\"https:\/\/forklog.com\/en\/news\/cboe-mirrors-blackrock-elements-in-ark-invest-bitcoin-etf-filing\">joint oversight agreement<\/a> or details of this mechanism. The latter became a key addition to <a href=\"https:\/\/forklog.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\">BlackRock<\/a>&#8216;s proposal.<\/p>\n<p>The next day Bloomberg reported that Invesco, VanEck, 21Shares, WisdomTree and Fidelity <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-30\/fidelity-leads-flurry-of-bitcoin-btc-etf-refilings-to-answer-sec\">na\u043f\u0440\u0430\u0432\u0438\u043b\u0438<\/a> revised filings to the Commission in light of regulator criticism.<\/p>\n<p>The listed firms included mention that the exchange <a href=\"https:\/\/forklog.com\/en\/news\/what-is-coinbase\">Coinbase<\/a> would provide support for joint oversight.<\/p>\n<p>On July 17, Coinbase shares closed at $105.55. In the previous session, the quotes rose to $114.43. Since the start of the year the platform&#8217;s market capitalisation has risen by 198.25%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image-453.webp\" alt=\"image-453\" class=\"wp-image-211757\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/finviz.com\/quote.ashx?t=COIN&#038;p=d\"> Finviz<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>On July 11, ARK Invest funds divested <a href=\"https:\/\/forklog.com\/en\/news\/ark-invest-trims-coinbase-stock-positions-by-13-4-million\">135,152 Coinbase securities<\/a> (~$13.4 million), and on July 14 \u2014 a further <a href=\"https:\/\/forklog.com\/en\/news\/ark-invest-trims-coinbase-stock-positions-by-13-4-million\">392,140 Coinbase securities<\/a> (~$53 million).<\/p>\n<p>According to JPMorgan, the verdict could<a href=\"https:\/\/forklog.com\/en\/news\/opinion-ripple-court-ruling-a-good-result-for-the-crypto-industry\"> affect 13 tokens<\/a> that are actively traded on the platform, which the SEC labeled<a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-coinbase-exchange\"> securities<\/a> in the lawsuit against the company.<\/p>\n<p>Recall that Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-and-binance-announce-xrp-relisting\">announced the relisting<\/a> of XRP. Trading of the asset by the exchange <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-and-okcoin-halt-xrp-trading-amid-sec-lawsuit\">had halted<\/a> in December 2020 immediately after <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">the SEC&#8217;s lawsuit<\/a> against Ripple.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ARK Invest funds liquidated Coinbase stock positions for $26.3 million. The sale was the third in seven days.<\/p>\n","protected":false},"author":1,"featured_media":81848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1218,138,112,1211],"class_list":["post-81847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ark-invest","tag-coinbase","tag-ripple","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81847"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81847\/revisions"}],"predecessor-version":[{"id":81849,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81847\/revisions\/81849"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81848"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}