April 19, 2024
ARK Invest Offloads More Coinbase Shares
Latest Cryptocurrency News

ARK Invest Dials Down COIN Shares in Innovation Fund

Cathie Wood’s ARK Invest, a prominent investment firm known for its innovative strategies, made notable moves by continuing its strategic sell-off of Coinbase (COIN) shares from its esteemed Innovation exchange-traded fund (ETF) on Thursday.

In a series of calculated steps, following the prior divestment of $25 million worth of COIN shares on Wednesday, the investment giant proceeded with another significant sell-off, parting with an additional 26,743 shares. These shares, at the time of sale, amounted to a valuation of $4.16 million based on the closing price. Remarkably, amidst this activity, COIN exhibited a positive upswing, adding 2.21% to reach a trading price of $155.6.

This divestiture spree aligns with ARK Invest’s recalibration strategy, especially after Coinbase’s stock rallied impressively during the last quarter of 2023. During this period, the price surge catapulted by over 130%, elevating the stock’s weighting within ARK’s Innovation ETF (ARKK) significantly beyond the intended maximum of 10%. Presently, even after the sell-offs, Coinbase’s weight in ARKK remains notably high, constituting a 10.34% allocation, a substantial stake valued at more than $872.5 million within the ETF. This adjustment aims to realign ARK Invest’s portfolio composition with their targeted weightings and investment strategies, ensuring a balanced and diversified approach to their holdings.

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