Crypto Investment Firm Ark Invest Sells $52.3 Million Worth of Coinbase Shares
Ark Invest, led by Cathie Wood, has offloaded 199,526 shares of Coinbase across three of its exchange-traded funds (ETFs), according to the company’s latest trade filing. The firm sold shares worth $52.3 million, with 133,533 shares from its Innovation ETF (ARKK), 59,215 shares from its Next Generation Internet ETF (ARKW), and 6,778 shares from its Fintech Innovation ETF (ARKF). This marks the first time Ark Invest has sold Coinbase shares since it sold $27 million worth of COIN on March 13.
Ark Invest’s Investment Strategy and Coinbase Holdings
Ark Invest follows an investment strategy that aims to maintain diversification within its funds. It ensures that no individual holding takes up more than 10% of an ETF’s portfolio. As a result, the firm is likely to continue rebalancing its fund weightings if COIN’s price keeps rising. Currently, Coinbase remains the largest holding within ARKK, ARKW, and ARKF ETFs, with weightings at 10.5%, 11.4%, and 12.1% respectively.
- ARKK’s Coinbase holdings have a market value of $831 million.
- ARKW’s COIN weightings are valued at $196.5 million.
- ARKF’s COIN weightings are valued at $141.2 million.
Overall, the ARKK, ARKW, and ARKF funds have seen significant gains over the past year: 29.4%, 58.2%, and 59.4% respectively.
Coinbase Stock Performance
Coinbase stock closed at $262 on Thursday, reaching a new yearly high of $275.88 intraday. It has gained 2% over the past 24 hours and more than 10% over the past week. Year-to-date, it is up by 51%. However, despite these gains, COIN remains 24% below its all-time high of $342.98 set in the previous month.
Other Stock Sales by Ark Invest
In addition to selling Coinbase shares, Ark Invest also sold $15.8 million worth of shares in Jack Dorsey’s Block and $1.8 million worth of Robinhood stock on Thursday.
Conclusion: Ark Invest Sells Coinbase Shares Worth $52.3 Million
Ark Invest, led by Cathie Wood, has sold $52.3 million worth of Coinbase shares across its ETFs. The firm follows an investment strategy that ensures diversification within its funds and limits individual holdings to no more than 10%. Coinbase remains the largest holding within ARKK, ARKW, and ARKF ETFs. Despite reaching a new yearly high, COIN is still below its all-time high. In addition to selling Coinbase shares, Ark Invest also sold shares in Jack Dorsey’s Block and Robinhood.
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