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ARK offloads $17 million of Coinbase, adds $18 million of Bullish amid crypto rout

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ARK offloads $17 million of Coinbase, adds $18 million of Bullish amid crypto rout

ARK Invest sold $17.4 million worth of Coinbase (COIN) stock and bought a similar amount in Bullish (BLSH) stock on Thursday as crypto equities were routed.

Cathie Wood’s investment management company sold 119,236 COIN shares, worth $17.4 million as of Thursday’s close. COIN lost 13.3% on the day to close at $146.12 amid ongoing tanking of the crypto market which has seen bitcoin fall as low as $60,000, its lowest point since November 2024.

ARK also bought 716,030 shares in crypto exchange Bullish, according to an emailed disclosure. The shares are worth $17.8 million, based on BLSH’s closing price of $24.90, nearly 8.5% lower on the day. Bullish is also the parent company of CoinDesk.

It is common to see ARK Invest make sizeable purchases of crypto-adjacent companies when their prices slide due to broader downturns in the cryptocurrency market. The Florida-based company attempts to capitalize on the chance to capture greater value from equities and rebalance the holdings of its funds to reflect the different prices.

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However, it is somewhat rarer to see ARK use this as a window to offload shares in a major crypto holding such as Coinbase.

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Crypto World

Lido DAO Mulls $20M LDO Buyback to Boost Token Price

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

Lido’s decentralized autonomous organization is considering a one-off $20 million buyback of its governance token to address so-called price dislocation, which is at “historically depressed levels” relative to Ether, according to the DAO. 

The proposal, submitted Friday, seeks permission to swap 10,000 Lido Staked Ether (stETH) tokens, currently worth $20 million from the DAO’s treasury for Lido DAO (LDO), arguing that LDO is undervalued.

“This is not a routine fluctuation. It represents one of the most significant dislocations between LDO’s market price and its underlying protocol fundamentals in the token’s history.”

A token buyback of this size could boost the price of the token, which has fallen roughly 96% from its all-time high. In November, a Lido DAO member pitched an automated buyback mechanism for LDO to improve the token’s price. However, that proposal hasn’t been implemented.

LDO’s change in price relative to ETH since 2024. Source: Lido DAO

Lido DAO pointed out that LDO is trading at a steep discount to Ether (ETH) at a ratio of 0.00016, roughly 63% below its two-year median.

This is despite the protocol holding the top spot of the Ethereum liquid staking market, with a 23.2% share of staked Ether, according to Dune Analytics data. The protocol’s dominance has even been flagged as a centralization risk to the network in previous years.

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Share of Ethereum network validators. Source: Dune Analytics

Related: Ethereum builders propose ‘economic zone’ to tackle L2 fragmentation 

LDO is currently trading at $0.30, down 95.9% from its $7.30 high set in August 2021, according to CoinGecko data. LDO’s $255 million market cap makes it the 141st largest token by value at the time of writing.

“That dislocation is not justified by a proportional deterioration in protocol performance,” Lido DAO said. 

Lido DAO proposes buying stETH in batches

Lido DAO proposed buying up to 10,000 stETH in smaller batches of 1,000 to buy LDO. 

Lido DAO said it would use limit orders or adopt a dollar-cost averaging strategy to avoid market volatility. 

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