Ark dumps large sum of coinbase shares, puts everything on Ethereum company

Ark Invest, the investment firm of Cathie Wood, sold on Thursday for 12 million dollars of shares of the US Coinbase (Coin). This keeps Ark Invest a profit on his investment in the crypto fair. That does not step out of the crypto sector, because Ark started investing in Bitmine Immersion Technologies, a company that buys large quantities of Ethereum (ETH).

Ethereum above Coinbase

More and more companies jump on Ethereum and build a reserve in the number two of the market. As a result, a nice piece of momentum starts to build up for the competitor of Bitcoin (BTC). While the Bitcoin course is falling today, we also see Ethereum as one of the few positive returns.

Last week, Ark Invest also invested $ 116 million in Bitmine Immersion (BMNR), covered by investment legend Peter Thiel.

In addition to the sales of Coinbase, Ark Invest also decided to sell Robinhood shares, and sold it for 10 million dollars of Jack Dorsey’s Block Ince (XYZ). Furthermore, shares of his own Bitcoin ETF (ARKB) also went on sale for 1.1 million dollars.

Positive momentum for Ethereum

The positive momentum for Ethereum is not completely out of the blue. Since Donald Trump won the elections in the United States, optimism has emerged about the regulatory climate in the US.

Last week several cryptowets were agreed, which finally creates more clarity for the sector. In addition, there is now hope that the Ethereum ETFS will soon be able to add a strike.

To date, this has not been possible for the Ethereum ETFS, which means that investors in those products miss a piece of returns. On an annual basis you can earn around 3 percent on extra Ethereum with a strike.

Without that return, Ethereum is of course a lot less attractive, so the hope is that the arrival of strike can cause a boost.