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Cathie Wood's ARK Invest Sold Nearly $150M Coinbase Shares Last Week
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF's value, making such large sell-offs necessary when an asset surges in value
Updated Mar 11, 2024, 9:26 a.m. Published Mar 11, 2024, 9:24 a.m.
- ARK Invest sold over 580,000 COIN shares last week, worth $149.85 million at Friday’s closing price.
- The total marks the largest offload of Coinbase stock by ARK since the week ended Feb. 16.
- Coinbase shares have increased by over 80% in value in the last month thanks to a rally of nearly 50% in bitcoin's price during the same period.
Cathie Wood’s investment manager, ARK Invest, sold over 580,000 shares of cryptocurrency exchange Coinbase (COIN) in the week ended March 8, worth $149.85 million at Friday’s closing price of $256.62.
ARK sold COIN shares from three of its exchange-traded funds (ETFs): Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).
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The total marks the largest offload of Coinbase stock by ARK since the week ended Feb. 16 when it sold shares worth $151 million at the time. It is also the second-highest weekly total since July 2023.
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell-offs necessary when an asset surges in value.
Coinbase shares have increased by over 80% in value in the last month thanks to a rally of nearly 50% in bitcoin’s price during the same period.
COIN’s weighting across the three ETFs remains comfortably in excess of 10% meaning further sales from ARK can be expected, particularly after BTC hit a new all-time high above $70,000.
Coinbase is currently up 5.6% at $271 in pre-market trading.
Read More: Ark and 21Shares to Disclose Spot Bitcoin ETF Reserves Via Chainlink Integration
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