May 29, 2024
ARK Invest's Strategic Moves: A $210 Million Divestment from Coinbase
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ARK Invest’s Strategic Moves: A $210 Million Divestment from Coinbase

On December 21, ARK Invest offloaded 68,769 Coinbase shares valued at $11.6 million from its Innovation ETF and 11,349 shares worth $1.9 million from its Next Generation Internet ETF.

This week’s recent sale of $30 million in Coinbase shares, coupled with the $108 million and $59 million worth of shares divested in the first and second weeks of December, has brought Ark Invest’s total withdrawal from Coinbase this month to approximately $210.5 million.

This divestment strategy aligns with ARK’s practice of capping individual company exposure, aiming to keep it around 10% of its overall holdings.

Despite Coinbase’s stock experiencing a notable upswing, reaching new yearly highs at a trading price of $168.03, reflecting a 3.8% increase for the day, a 53.8% rise over the past month, and an impressive 400% growth year-to-date, it remains 50% below its all-time high from November 2021.

Image by flickr

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