ARK's ETF Rebalancing Continues With $20.6M Coinbase Sale
ARK Invest sold $20.6 million worth of Coinbase (COIN) shares across three of its exchange-traded funds (ETFs). The investment firm offloaded a total of 133,823 COIN shares, which closed last week at $153.98. ARK Invest aims to prevent any individual stock from surpassing 10% weighting of an ETF's value. Coinbase's stock more than doubled in price in the last three months of 2023, leading to consistent sales of the crypto exchange's shares by ARK. The largest holding of Coinbase stock is in ARK's Innovation ETF (ARKK), which holds over $850 million worth of COIN. The latest sale reduced its weighting to 10.04%. ARK's Next Generation Internet (ARKW) and Fintech Innovation (ARKF) ETFs hold fewer Coinbase shares, but their weightings are higher at 10.37% and 13.41%, respectively.
