Ark Invest sells $52 million worth of COIN as share price bounces to new yearly high
Cathie Wood’s Ark Invest sold nearly 200,000 Coinbase shares on Thursday — worth $52.3 million — as it continues to rebalance its fund weightings. COIN has surged 10% this week, returning from a crypto-related market slump on Tuesday to reach a new yearly high.
The Cathie Wood-led investment firm sold 133,533 shares ($35 million) from its Innovation ETF (ARKK), 59,215 shares ($15.5 million) from its Next Generation Internet ETF (ARKW) and 6,778 shares ($1.8 million) from its Fintech Innovation ETF (ARKF).
It’s the first time Ark has offloaded Coinbase shares since the $27 million worth of COIN it sold on March 13.
Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF's portfolio to maintain diversification within its funds — meaning it is likely to continue rebalancing its fund weightings if COIN's price keeps rising.
According to the firm's latest disclosures, Coinbase remains the largest holding within its ARKK , ARKW and ARKF ETFs — with current weightings at 10.5%, 11.4% and 12.1%, respectively.
ARKK’s Coinbase holdings have a market value of $831 million, with ARKW and ARKF’s COIN weightings valued at $196.5 million and $141.2 million at current prices. Overall, the ARKK, ARKW and ARKF funds are up 29.4%, 58.2% and 59.4% over the past year, respectively.
Coinbase stock closed at $262 on Thursday, reaching a new yearly high of $275.88 intraday. COIN gained 2% over the past 24 hours and is up more than 10% over the past week and 51% year-to-date, according to TradingView. COIN is trading at the highest level since December 2021 but remains 24% down from an all-time high of $342.98 set in the month prior.
COIN/USD price chart. Image: TradingView .
Coinbase is currently valued at $48.7 billion, according to The Block’s data dashboard .
Ark Invest also sold $15.8 million shares in Jack Dorsey’s Block and $1.8 million worth of Robinhood stock on Thursday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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