Mon, August 05, 2024 at 13:06

• 

  Joy

  • Hey Annie!

  • Did you hear about ARK Invest's latest move?

  • They sold a whopping $14.8 million worth of Coinbase (COIN) shares last Thursday!😲

  • 
• Annie

  • Wow, that's a lot!

  • What prompted them to sell so much?🤔

  
• 

  Joy

  • Great question!

  • They sold the shares just before Coinbase released its second-quarter earnings report.

  • It seems like a strategic move, right?📈

• Annie

  • Definitely strategic!

  • How much had they sold in the previous months?📅

  
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• 

  Joy

  • In June, they sold $2.88 million worth of shares, and in July, $7.93 million.

  • But what they sold last Thursday exceeded both months combined!😮

  • 
• Annie

  • That's a huge jump!

  • Which ETFs were these shares part of?📊

  
• 

  Joy

  • The shares were part of two ETFs: the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF).

  • They have strict rules to prevent any single asset from becoming too concentrated.📉

• Annie

  • Interesting!

  • So, how much of COIN do these ETFs hold now?🤓

  
• 

  Joy

  • COIN makes up 9.69% of ARKF and 6.74% of ARKW.

  • It's still a significant part of their funds.💼

• Annie

  • Got it!

  • How did Coinbase perform in their Q2 report?📈

  
• 

  Joy

  • Coinbase reported $1.4 billion in revenue, which is double from the same quarter last year and up 17% from Q1 2024.

  • However, their profits were less than expected.💰

• Annie

  • That's impressive revenue growth!

  • Did ARK Invest make any new investments after selling COIN?🧐

  
• 

  Joy

  • Yes, they did!

  • They invested $21 million into the Canadian 3iQ ETH staking ETF (ETHQ.U), buying 1.7 million shares.

  • This ETF allows investors to profit from ETH's price movements while earning passive income from staking.🌐

• Annie

  • Wow, that sounds like a smart move!

  • How were the shares allocated?🧮

  
• 

  Joy

  • One million shares went to the ARKW fund, and the remaining shares were allocated to ARKF.

  • The ETF has seen significant growth, rising about 40% year-to-date!📊

• Annie

  • That's impressive growth!

  • So, do you think this news is good or bad for the market?📉📈

  
• 

  Joy

  • I'd say it's a positive move!

  • ARK Invest is diversifying their portfolio and investing in a growing asset.

  • This could indicate confidence in the market's future, especially in the crypto space.🚀

  • To sum up, this article is considered a 😍Bullish for investors!!