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ARK Invest Sells Coinbase Shares for Third Straight Day
The investment firm has sold the crypto exchange's stock on all but two trading days this month.
Cathie Wood’s investment management firm, ARK Invest, sold Coinbase (COIN) stock for a third straight day as the shares held steady within 5% of the year’s high.
The firm offloaded a total of 82,255 shares worth about $11.5 million at Tuesday’s closing price from the ARK Innovation (ARKK), ARK Next Generation Internet (ARKW) and ARK Fintech Innovation (ARKF) exchange-traded funds (ETF). It has reduced its stake in the crypto exchange on all but two trading days this month.
STORY CONTINUES BELOW
Coinbase stock has been surging as bitcoin [BTC] climbs. The largest cryptocurrency by market cap has added about 150% this year, while Coinbase has almost quadrupled.
St. Petersburg, FL-based ARK Invest’s policy is to keep the maximum weight of any given company in its holding to 10%. The recent rally in COIN stock, which last month touched highs not seen since April 2022, means its weighting in the three ETFs remains in excess of that level even after recent divestments that include Friday’s $49 million sale, the largest since July.
This month, ARK Invest has sold more than $120 million of Coinbase shares, based on closing prices.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
