ARK Invest Coinbase Share Sale Takes December Total Close to $200M
Summary
ARK Invest, led by Cathie Wood, has continued to sell its Coinbase (COIN) stock, reaching a total of $196.8 million in December. The firm's ARK Innovation exchange-traded fund (ARKK) and ARK Next Generation Internet ETF (ARKW) sold shares worth $24 million. ARK often reduces its holdings in companies as their shares rise to maintain a maximum exposure of around 10% per company. ARKW also reduced its holdings in the Grayscale Bitcoin Trust (GBTC) while increasing its shares in Block (SQ), a company that offers crypto payments through its Cash App and recently launched a self-custody bitcoin wallet. Bitcoin's value increased by 3.3%, crossing $44,000 for the first time in 10 days.
