In hours past, Cathie Wood’s ARK Invest made a significant move in the cryptocurrency market by selling off over 270,000 shares of Coinbase (COIN). This divestment amounted to a substantial $69.5 million at the closing price of $256.62 per share on Monday, March 11.
ARK Invest’s Strategy and Coinbase’s Performance
ARK Invest operates with a strategic vision aimed at maintaining a balanced portfolio across its ETFs, with no individual holding exceeding a 10% weighting of an ETF’s value. As a result, when the value of a particular asset experiences a surge, ARK Invest engages in substantial sell-offs to rebalance its holdings. In the case of Coinbase, the cryptocurrency exchange has witnessed a remarkable increase in its share value, soaring by over 80% in the past month alone.
This surge can be primarily attributed to a nearly 50% rally in the price of bitcoin (BTC) during the same period. Despite the significant sell-off conducted by ARK Invest, Coinbase’s weighting across AR
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