Cathie Wood's ARK Invest Offloads $25M of Coinbase Shares
Summary
ARK Invest, led by Cathie Wood, sold over $25 million worth of Coinbase (COIN) shares from its Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW). The sale involved a total of 166,183 COIN shares. This move comes as Coinbase's Nasdaq-listed shares fell 2.96% to $152.24 due to a halt in the crypto market's rally and a slump in bitcoin. ARK's ETFs maintain a target weighting that prevents any individual holding from exceeding 10% of the fund's total value. As COIN's price more than doubled in the last three months of 2023, it consistently held above this threshold in both ARKK and ARKW, leading to regular sales of the crypto exchange's stock by ARK Invest.
