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ARK's ETF Rebalancing Continues With $20.6M Coinbase Sale
ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. COIN doubled in price in the last three months of 2023, bringing about consistent sales of the crypto exchange's stock by ARK
ARK Invest sold a further $20.6 million worth of Coinbase (COIN) shares on Friday across three of its exchange-traded funds (ETFs).
Cathie Wood's investment firm offloaded a total of 133,823 COIN shares, which closed last week at $153.98.
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ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. COIN more than doubled in price in the last three months of 2023, bringing about consistent sales of the crypto exchange's shares by ARK.
Its largest weighing of Coinbase stock is in its Innovation ETF (ARKK), which holds over $850 million worth of COIN. The latest offload brings its weighting down to 10.04%, suggesting the sales from ARKK could be coming to an end, notwithstanding another pump in Coinbase's share price.
ARK's Next Generation Internet (ARKW) and Fintech Innovation (ARKF) ETFs carry fewer Coinbase shares, but their weightings remain higher at 10.37% and 13.41%, respectively.
Read More: U.S. SEC Seeks to Leverage Terraform Win in Coinbase, Binance Disputes
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
