Crypto NewsExchangeInvestment Company ARK Invest Continues Coinbase Share Sales While Bitcoin Makes ATH!

Investment Company ARK Invest Continues Coinbase Share Sales While Bitcoin Makes ATH!

Cathie Wood's ARK Invest announced that it has divested $27.2 million worth of Coinbase (COIN) shares.

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Cathie Wood's Ark Invest has made headlines once again as it continues to divest Coinbase shares, shedding another $27.2 million worth of COIN on Tuesday, according to the investment firm's latest trading filing.

Cathie Wood's Ark Invest Continues Coinbase Selling Spree

The famous investment firm, led by Cathie Wood, sold 106,000 Coinbase shares across three exchange-traded funds (ETFs).

This latest move comes on the heels of a $69 million sale on Monday, bringing Ark's total Coinbase divestiture this week to nearly $100 million.

Coinbase's decision to rebalance fund weightings amid a sustained rise in its stock price is seen as a strategic move by Ark.

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In Tuesday's trading, Ark Invest held 66,387 shares of its Innovation ETF (ARKK) ($17.1 million), 9,123 shares of its Next Generation Internet ETF (ARKW) ($2.3 million) and its Fintech Innovation ETF (ARKF). It issued 30,490 shares ($7.8 million).

Ark's investment strategy emphasizes maintaining diversity within its funds, with no individual holding allowed to exceed 10% of an ETF portfolio.

However, despite the recent sell-off, Coinbase remains the largest holding in the ARKK, ARKW, and ARKF ETFs, with their current weights standing at 10.9%, 12.1%, and 12.4%, respectively.

At current prices, ARKK's Coinbase holdings have a market cap of $852 million, while ARKW and ARKF's COIN weights are worth $211 million and $143 million, respectively.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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