Cathie Wood’s Ark Invest sold 270,365 Coinbase shares across three of its exchange-traded funds on Monday, amounting to $68.7 million, according to the company’s latest trade filing.
- Ark Invest offloaded 171,154 shares ($43.5 million) from its Innovation ETF
- 23,330 shares ($5.9 million) from its Next Generation Internet ETF
- 75,881 shares ($19.3 million) from its Fintech Innovation ETF
This sale is one of the largest in terms of U.S. dollars sold in a single day. It follows Ark Invest’s previous sale of $150 million worth of Coinbase shares last week as part of its ongoing effort to rebalance its fund weightings.
Ark Invest’s Portfolio Strategy
Ark Invest aims to ensure that no individual holding takes up more than 10% of an ETF’s portfolio.
Coinbase Stock Performance
Coinbase stock closed at $254.17 on Monday, experiencing a more than 10% increase over the past week, according to TradingView data. Over the last month, COIN has seen a gain of 79%, and over the past year, it has surged by 350%, reaching its highest level since December 2021. However, the stock is still down 26% from its all-time high of $342.98 set in November 2021.
Coinbase Valuation and Market Outlook
According to The Block’s data dashboard, Coinbase is currently valued at $47.3 billion.
Despite the surge in its stock price, Coinbase Institutional has expressed concerns about potential “macro headwinds” and “negative technical factors” that may impact the crypto market in the coming weeks.
Hot Take: Ark Invest Continues to Adjust Portfolio Weightings
Cathie Wood’s Ark Invest has sold $68.7 million worth of Coinbase shares across three of its ETFs as part of its ongoing portfolio rebalancing strategy. This sale follows a previous offloading of $150 million worth of Coinbase shares last week. Although Coinbase’s stock price has been on the rise, reaching its highest level since December 2021, Ark Invest aims to maintain a diversified portfolio by ensuring no individual holding exceeds 10% of an ETF’s weightage.
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