Cathie Wood's Ark Invest continued its selling spree, shedding another $43 million worth of Coinbase stock, according to the investment firm's latest trading report.
Ark Invest Continues Coinbase Share Sale, Sells Additional $43 Million Amid COIN Stock Surge
The move comes as part of Ark's efforts to rebalance fund weightings in response to the recent surge in Coinbase (COIN) shares.
Ark Invest sold a total of 283,104 Coinbase shares, including 239,237 shares ($36 million) from its Innovation ETF and 43,867 shares ($6.6 million) from its Next Generation Internet ETF.
This follows $13.4 million worth of COIN shares sold earlier this week, bringing the weekly total to $56 million. Ark Invest disposed of $100 million worth of Coinbase shares the previous week.
Ark Invest's move to sell Coinbase shares is in line with its strategy of regularly rebalancing its portfolios based on market conditions and changing valuations.
Significant increases in COIN over the past month have caused Ark to adjust its fund weights accordingly.
*This is not investment advice.