ARK Turns to Ether Staking ETF 3iQ after Coinbase Dumps
Cathie Wood’s ARK Invest resumed active trading of crypto-related stocks in August after selling an additional $14.7 million of Coinbase shares and investing $21 million in the Ether Staking ETF 3iQ.
Cryptocurrency-related trades have regained momentum at Cathie Wood’s ARK Invest. The firm returned to trading tens of millions of dollars in crypto-related stocks and exchange-traded funds (ETFs) in a single day.
After resuming notable sales of Coinbase stock in July, ARK increased its sales in August, dumping 69,069 Coinbase shares on August 1.
According to data from TradingView, this amount is worth $14.7 million based on the stock’s closing price. The transaction is ARK’s largest Coinbase sale since early April and late March when the firm sold around 60,000 Coinbase shares daily.
Despite resuming heavy Coinbase sales, ARK’s funds still hold substantial Coinbase shares. Coinbase remains the top asset in the ARK Fintech Innovation ETF (ARKF), accounting for nearly 10% of the fund’s portfolio.
ARK’s massive Coinbase sale came as the exchange reported $1.4 billion in total revenue in the second quarter of 2024.
After selling Coinbase shares, ARK made its first purchase of the Canada-based 3iQ.
Launched in 2021, 3iQ expanded the product with staking in 2023 in collaboration with Coinbase and Tetra Trust.
The Ether Staking ETF (ETHQ.U) seeks long-term capital appreciation by investing in Ether and generating passive rewards through staking.
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…
Read more on cryptonews.com
