April 19, 2024
ARK Invest's Latest Coinbase Share Sale Surpasses July's Record Offload
Latest Cryptocurrency News

ARK Invest’s Significant Coinbase Stock Sell-Off Marks Largest Since July

ARK Invest, led by Cathie Wood, executed its most substantial sale of Coinbase (COIN) shares since July, offloading 335,860 shares on Friday. This transaction, primarily through three exchange-traded funds (ETFs), notably impacted the Innovation ETF (ARKK). The sale at Coinbase’s closing price would have generated approximately $49.2 million.

Over recent weeks, the St. Petersburg-based investment firm has consistently divested Coinbase stock as its value surged in tandem with bitcoin’s ascent. This recent sale is the largest since July, when ARK sold 480,000 shares valued at $50.5 million.

ARK maintains a targeted weighting for its ETFs, ensuring that individual composite holdings stay between 2% and 10% of the fund’s value. However, the significant rise in COIN stock, reaching highs unseen since April 2022, has resulted in its weight exceeding the 10% threshold across the three ETFs.

Despite these recent sales, COIN continues to represent a significant portion of ARKK (more than 11%), ARKW (also over 11%), and ARKF (above 13%). Closing at $146.62 on Friday with a 7.66% increase, COIN’s impact on ARK’s funds remains considerable. Additionally, ARK sold approximately 102,672 shares in Grayscale Bitcoin Trust (GBTC), amounting to around $3.6 million and accounting for 8.33% of ARKW.

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