Bartis HK - ARK Profits as Coinbase Trades Highest This Year

CENTRAL, Hong Kong - July 28, 2023 - PRLog -- Offloading shares worth $12 million as the cryptocurrency exchange's shares reach an annual peak, according to Coindesk.

The firm, based in St. Petersburg, Florida, unloaded 135,000 shares as the price exceeded $92 per share during yesterday's intraday trading.

Coinbase shares experienced a boost following the announcement of a potential agreement to share surveillance data for Bitcoin ETFs. Coinbase plans to collaborate with Cboe's BZX Exchange to share market data for at least three of its Bitcoin spot exchange-traded fund (ETF) applications.

The Securities and Exchange Commission (SEC) has been resistant to spot market Bitcoin ETFs, citing the "fragmented and unregulated" nature of the spot market as susceptible to manipulation. The regulator has commended the surveillance-sharing agreements of futures-backed ETFs on the regulated CME futures exchange. The recent agreements signed by Coinbase could pave the way for the first spot ETF, with investment powerhouses like BlackRock and Fidelity now potential contenders.

The recent sale represents a minuscule portion of Ark Invest's Coinbase holdings. Ark Invest, which specializes in disruptive technologies, possesses slightly over 11 million COIN shares across three ETFs—ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).

Coinbase stock also constitutes 8.25% of the total weight in its flagship ARKK ETF fund, second only to Tesla (TSLA) at 11.18%. It is the highest weighted investment in the other two ETFs.

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