The firm sold 119,236 shares of COIN across three of its actively managed ETFs as shares of COIN fell to their lowest price since last March. Shares in the American crypto exchange have now fallen almost 48% over the last six months, despite a jump of nearly 9% on Friday to change hands around $159.13.
While it reduced its position in the exchange, the firm also added to other positions of crypto-related equities as crypto prices fell, with Bitcoin dropping to a low of $60,255 and ETH falling to $1,756.
Even with prices ticking back up Friday, BTC remains down about 17% on the week at a price near $69,000, with Ethereum showing a 27% dive over the last seven days as ETH sits just under $2,000.
Despite dumping COIN shares, Ark added more than 716,000 shares of crypto exchange Bullish (BLSH) on Thursday, now valued at more than $19 million as BLSH trades around $27.00—up almost 8% a day after crypto stocks plunged. Ark now maintains around $138 million worth of shares in Bullish, which reported Q4 losses of around $536 million on Thursday.
Ark Invest’s Thursday acquisitions, which also included shares in Google parent company Alphabet (GOOG), come amid broader concerns and macroeconomic uncertainty around artificial intelligence (AI).
