Cathie Wood's ARK Invest Sold Nearly $150M Coinbase Shares Last Week
ARK Invest, managed by Cathie Wood, sold over 580,000 shares of cryptocurrency exchange Coinbase (COIN), valued at $149.85 million. The shares were sold from three of ARK's exchange-traded funds (ETFs): Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF). This is the largest sale of Coinbase stock by ARK since February 16 and the second-highest weekly total since July 2023. ARK Invest's policy is to prevent any individual holding from exceeding a 10% weighting of an ETF’s value, necessitating large sell-offs when an asset's value increases significantly. Coinbase shares have risen over 80% in the past month due to a nearly 50% increase in bitcoin’s price. As COIN’s weighting across the three ETFs is still over 10%, further sales from ARK are anticipated.
