May 29, 2024
Coinbase Stock Sell-Off: ARK Invest's Strategy Amid Crypto Surge
Latest Cryptocurrency News

Cathie Wood’s ARK Invest Continues Coinbase Sell-Off as Market Holds Steady

ARK Invest, Cathie Wood’s investment management firm, continued its trend of selling Coinbase (COIN) stock for the third consecutive day while the shares remained relatively stable, hovering within 5% of their highest point of the year. The firm sold a total of 82,255 shares valued at approximately $11.5 million at the closing price on Tuesday from the ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) exchange-traded funds (ETFs).

Throughout this month, it has consistently decreased its holdings in the crypto exchange, with only two trading days being exceptions. The surge in Coinbase stock corresponds to the upward movement of bitcoin (BTC). Bitcoin, the largest cryptocurrency by market cap, has surged by about 150% this year, while Coinbase’s value has nearly quadrupled.

Based in St. Petersburg, FL, ARK Invest adheres to a policy of maintaining a maximum 10% weight of any specific company within its holdings. However, the recent surge in COIN stock, which reached highs last seen in April 2022 last month, has resulted in its weight exceeding this threshold across the three ETFs, despite the recent divestments.

Notably, Friday saw the largest sale since July, amounting to $49 million. In total, ARK Invest has sold more than $120 million worth of Coinbase shares this month, based on closing prices.

Image by freepik

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