Bitcoin ETF Listings Will Be Quick but Money Flows Could Take Months: 21Shares Co-Founder
Ophelia Snyder says it is impossible to conceptualize the changes in bitcoin trading volumes likely through ETF inflows.
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ARK Invest
Ophelia Snyder says it is impossible to conceptualize the changes in bitcoin trading volumes likely through ETF inflows.
ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF’s value. COIN doubled in price in the last three months of 2023, bringing about consistent sales of the crypto exchange’s stock by ARK.
COIN constitutes a 10.34% weighting of ARK’s Innovation ETF, a stake worth over $872.5 million.
Coinbase’s Nasdaq-listed stock fell 2.96% Wednesday to $152.24 as the crypto market’s rally halted.
The investment fund bought $9.2 million worth of BITO shares while selling $27.6 million worth of COIN.
Cathie Wood’s investment firm also sold GBTC stock while increasing its holdings of Block.
The firm has sold over $150 million worth of stake in COIN since Dec. 5.
The investment firm has sold the crypto exchange’s stock on all but two trading days this month.
Digital asset manager Grayscale’s bitcoin investment vehicle’s shares fell 8.6% Monday, reflecting the day’s 5.8% drop in bitcoin.
ARK has been consistently selling Coinbase stock in recent weeks. Friday’s is the largest sale since July, when it sold 480,000 shares worth $50.5 million at the time.