Options 101: A Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to his four beginner-proof tips, the secret to making 411% gains with options, and his time-tested “plan” for success. Get your free copy of Options 101: A Beginner’s Guide ASAP.
Cathie Wood‘s Ark Investment Management It refrained from selling shares of the cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) on Monday, after the stock unloaded in all four sessions of the previous week.
What happened: Wood’s Ark Invest has been selling Coinbase shares continuously since July 2023, despite accumulating after its direct listing in April 2021. Coinbase holds the top spot in Ark’s leading exchange-traded fund, Ark Innovation ETF (NYSE:ARKK), representing a 10.11% weight in ETFs.
Enter to win $500 in stocks or cryptocurrencies
Enter your email and you’ll also get Benzinga’s Ultimate Morning Update, a free $30 gift card, and more!
Coinbase is also the leading holding company Ark Foundation for FinTech Innovation (NYSE:ARKF), representing a weight of 13.47%, and Ark Next Generation Internet ETFs (NYSE:ARKW), with a weight of 10.35%.
As of January 8, 2024, Ark owns 7,567,947 Coinbase shares. At the closing price of $159.42 on Monday, Ark’s stake in the cryptocurrency exchange is worth $1.21 billion.
The company’s third-quarter 13F report, filed on October 18, 2023, indicated that Ark’s Coinbase stake was 10,603,564 shares valued at $796,115,573.
Between the end of the third quarter and now, the number of shares Ark owns has decreased by 3,035,617 shares, but its value has increased by more than $400 million, as the shares have risen.
See also: The best ETFs to buy now
Before you do anything else, invest in your future with options
Want to become an options master? In his 90% off special, Nic Chahine will give you full access to his best picks, including the strategies he uses to land double-digit winners. Learn Nic’s time-tested strategies as quickly as possible. Buy here for only $0.99.
Wood, it is known Bitcoin (CRYPTO: BTC) Bull, Coinbase’s liquidation has raised questions. Some have linked the move to the potential approval of an instant Bitcoin ETF by the Securities and Exchange Commission. By the way, Ark is among the 14 companies to sponsor the Spot Bitcoin ETF, as Ark introduced the 21Shares Spot Bitcoin ETF in cooperation with the Swiss company 21Shares.
Given that Coinbase remains the highest value across three of its main funds, the selling appears to be tied to profit taking. Since September 30, 2023, Coinbase shares have risen 112%.
Reports indicate that the SEC is likely to approve a spot Bitcoin ETF as early as Wednesday.
Chip purchase: Ark also bought 57,848 shares of the chip designer Qualcomm company (NASDAQ:QCOM) on Monday through ARKW and ARK Autonomous Technology and Robotics ETF (CBOE: ARKQ). The purchase is worth $8.04 million, based on the stock’s closing price of $139.03 on Monday.
The fund manager reinstated its position in Qualcomm after divesting its entire holdings in the chipmaker in the third quarter of 2018.
Meanwhile, Ark sold 32,971 shares Roku, Inc. (NASDAQ:ROKU) and 139,379 shares of the automation platform provider Uipath company. (NYSE: Path).
ARRK ended Monday’s session up 2.82% at $50.28, according to Benzinga Pro data.
Read Next: Cathie Wood Boosts Palantir Stake by Huge $16.5 Million, Unfazed by Analyst Downgrading Stock to ‘Sell’
Options 101: A Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to his four beginner-proof tips, the secret to making 411% gains with options, and his time-tested “plan” for success. Get your free copy of Options 101: A Beginner’s Guide ASAP.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.