Ark Invest, led by celebrity investor Cathie Wood, offloaded $21 million worth of Coinbase shares as the cryptocurrency exchange's stock price rose 10% on Monday.
Ark Invest Sells $21 Million in Coinbase Stock Amid 10% Price Rise
Ark Invest sold 74,291 Coinbase shares across three exchange-traded funds (ETFs), according to the company's most recent trading filing.
The majority of the shares, totaling 57,652 and valued at $16.1 million, were sold from Ark's Innovation ETF (ARKK).
Additionally, 12,544 shares of the Next Generation Internet ETF (ARKW) ($3.5 million) and 4,095 shares of the Fintech Innovation ETF (ARKF) ($1.2 million) were sold.
This latest divestiture follows a series of sales last week that coincided with the stock returning to new yearly highs, with Coinbase shares valued at over $100 million.
Ark Invest's investment strategy aims to maintain diversity within its funds by ensuring that no individual holding exceeds 10% of the ETF portfolio.
As a result, if Coinbase's stock price continues to rise, Ark is likely to continue rebalancing its fund weightings accordingly.
*This is not investment advice.