ARK Invest, the investment management firm led by Cathie Wood, recently divested 580,000 Coinbase (COIN) shares.
The transaction, valued at $149.85 million based on Friday’s closing price, underscores the company’s strategic investment decisions.
Second-Largest Offload Since 2023
This sale represents ARK’s second-largest weekly offload of COIN shares since July 2023. The previous record was set during the week ending February 16, when ARK sold shares worth $151 million.
ARK’s commitment to maintaining a balanced portfolio drove the decision to sell. As part of its strategy, ARK aims to prevent any individual holding from exceeding a 10% weighting of an ETF’s total value. Large sell-offs become necessary when an asset experiences rapid appreciation, such as the recent surge in Bitcoin’s price.
Despite the substantial sale, COIN’s weighting across ARK’s three ETFs – Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) – remains
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