Coinbase’s (COIN) stock is rising after multiple reports of being upgraded to “outperform” by a prominent investment brokerage and bank. According to a new report by Yahoo Finance, financial services giant Oppenheimer expects the top US-based crypto exchange platform’s stock to outperform expectations and reach a price tag of $160. In an accompanying research note, […]
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The Grayscale Bitcoin Trust, one of ARK’s top three holdings, could lose its third-place ranking as ARK sheds its shares while increasing its holdings of Jack Dorsey’s Block.
ARK Invest, one of the applicants for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, has continued to dump its holdings of Grayscale Bitcoin Trust (GBTC) stock with the sale of yet another significant batch of shares.
On Dec. 18, ARK sold 809,441 GBTC from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. Based on the closing share price of $34.5, the sale is worth $27.9 million, according to data from TradingView.
This latest divestment further reduces ARK’s exposure to the Grayscale Bitcoin Trust, with GBTC inching closer to dropping out of the list of ARKW’s top three holdings.
Toronto Stock Exchange owner TMX is finalizing the purchase of VettaFi, an ETF tool that lists blockchain and cryptocurrency-themed E3TFs, including the VanEck Digital Transformation ETF.
TMX Group, the operator of Canadian stock exchanges such as the Toronto Stock Exchange and the Montreal Exchange, is finalizing the acquisition of VettaFi, a significant player in the exchange-traded fund (ETF) industry, including in blockchain and crypto ETFs.
The firm officially announced on Dec. 13 that it has agreed to acquire the remaining 78% of the common units of VettaFi for $848 million that it didn’t already own. The new deal brings the total amount of the acquisition to $1.03 billion, which includes investments TMX Group made in VettaFi in the first half of 2023 for around 22% of the common units, the announcement notes.
“The acquisition of VettaFi will add a dynamic new component to our growing information business, with an exciting set of capabilities and a visionary, innovative team committed to client success,” TMX Group CEO John McKenzie noted. He added that TMX had previously worked with VettaFi, and their collaboration had brought a “powerful combination and a tremendous culture fit.”
Some crypto-linked ETFs like the VanEck Digital Transformation ETF and Global X Blockchain ETF have surged as much as 200% and higher in 2023.
As the cryptocurrency community has been focused on the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some crypto-linked ETFs have already been racking up significant gains in 2023.
One such ETF is the VanEck Digital Transformation ETF (DAPP), which has surged nearly 207% year to date (YTD), according to data from TradingView. Launched in April 2021, DAPP tracks the price and performance of the MVIS Global Digital Assets Equity Index, which, in turn, is based on the performance of major companies involved in the digital asset economy.
VanEck’s DAPP ETF holds Coinbase (COIN), MicroStrategy (MSTR) and Block (SQ) as its top exposure assets. Coinbase and MicroStrategy have seen massive growth this year, with the shares rising 312% and 302% YTD, respectively, according to data from TradingView.
Major Coinbase shareholders have sold over $14 million of stocks over the past 48 hours.
According to public trading data, Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million of Coinbase shares over the past 48 hours.
Information shared by Insider Tracker, a service that shares trading information of high-profile company executives and politicians shows that Ehrsam sold 97.836 COIN shares for $13.2 million on Dec. 11.
Meanwhile, ARK Invest’s daily trade information newsletter, which provides updates on its actively managed exchange-traded funds (ETFs), showed that its ARK Innovation ETF (ARKK) had offloaded some 10,933 COIN shares valued at around $1.5 million.
The latest Coinbase sale by ARK is one of its largest daily COIN sales in 2023, third only to two massive sales in July.
ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) next year, is continuing to rake in the profits made from its large stash of Coinbase (COIN) stock.
On Dec.
The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 COIN and 7,326 COIN being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.
Cryptocurrency exchange Coinbase's stock is posting new yearly highs in line with the bullish crypto market, surging 280% year to date (YTD), according to data from TradingView. COIN shares have also been rallying after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States in November.
On Dec.
The latest Coinbase sale by ARK is one of its largest daily COIN sales in 2023, third only to the massive 478,356 COIN sale on July 14 and the 248,838 COIN sale on July 17.
In addition to aggressive Coinbase selling, ARK has also sold 168,127 Grayscale’s Bitcoin Investment Trust (GBTC) shares.
The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.
Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.
In an 8-K filing to the Securities and Exchange Commission on Dec.
The activity however equity trading volumes and options contracts traded were roughly flat in the same month compared to October.
The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.
As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.
Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.
Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.
The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron" for crypto, said Zerocap investment chief Jon de Wet.
Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.
Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.
Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.
Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.
It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.
Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.
The crypto-related stocks are well below their all-time highs, however.
IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.
Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).
Due to UAE's National Day, Phoenix Group’s public trading launch on the Abu Dhabi Securities Exchange has been moved to Dec. 5, 2023.
Cryptocurrency mining firm Phoenix Group is preparing for its public trading launch after seeing a significant oversubscription during the pre-market sale on Nov. 21.
Phoenix’s public trading launch will be delayed as the firm has revised the date for its forthcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
According to an announcement on Nov. 28, the crypto mining firm expects to list its shares on Dec. 5 instead of Dec. 4, 2023, due to public holidays declared for the United Arab Emirates National Day.
Celebrated on Dec. 2, the UAE National Day commemorates the formation of the UAE. The Ministry of Human Resources and Emiratization marks Dec. 2, 3, and 4 as public holidays for the private sector.
“To honor this occasion and ensure comprehensive participation in the IPO, Phoenix Group has rescheduled its listing date to December 5th, 2023,” the announcement states.
As previously announced, Phoenix Group successfully closed its IPO with a 33 times oversubscription on Nov. 18, reporting that its offer of 907,323,529 shares saw an “overwhelming demand.” Phoenix said retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription.
Phoenix is a UAE-based mining operator that is developing one of the largest mining facilities in the Middle East. The company has reportedly been discussing the IPO launch in UAE since at least July 2023.
Related: Bithumb plans to be first crypto exchange listed on Korea stock market: Report
The UAE has emerged as one of the most crypto-friendly jurisdictions in the world, launching various initiatives, including multiple Web3-focused economic free zones to support crypto development.
On Nov. 28, the crypto exchange M2 received a regulatory approval. It partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell, and store cryptocurrencies like Bitcoin (BTC).
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After selling nearly 700,000 GBTC shares over the past month, ARK’s Next Generation Internet ETF still holds 4.3 million GBTC shares worth $131.8 million.
Cathie Wood’s investment firm ARK Invest has sold 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, even as Bitcoin (BTC) hit 17-month highs over excitement for a possible spot Bitcoin exchange-traded fund (ETF).
The ARK Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares on Nov. 22, offloading a total of 697,768 GBTC since Oct. 23, according to ARK’s daily trading data seen by Cointelegraph.
ARKW offloaded roughly $1 million in GBTC as Grayscale’s trust traded around $30 on Nov. 22, closing at $30.50, per Google Finance data. United States markets closed on Nov. 23 for Thanksgiving.
ARK started selling Grayscale Bitcoin Trust shares on Oct. 23, 2023, as Bitcoin was reaching $34,000. Before that, ARK’s previous reported GBTC transaction was in November 2022, when the firm sold 450,272 GBTC shares.
Related: Grayscale met with SEC to discuss spot Bitcoin ETF details
After selling nearly 700,000 GBTC shares over the past month, ARK’s ARKW still holds $131.8 million worth of GBTC, or more than 4.3 million GBTC shares. As of Nov. 24, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, ranked third after Coinbase and Roku, according to the official ARKW data.
The ARK ETF that offloaded the funds is up over 68% year-to-date compared to the over 271% posted by Grayscale’s trust, per Google Finance data.
Meanwhile, Bitcoin is up 125% YTD and neared $38,000 on Nov. 16, the highest since May 2022, per Cointelegraph Markets Pro.
Additional reporting by Helen Partz.
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