ARK Invest sold nearly $150 million in Coinbase shares last week amid continued ETF rebalancing
Quick Take
- ARK Invest sold 580,000 Coinbase shares last week.
- This was the firm’s second-largest weekly COIN sale since July 2023.
ARK Invest sold 580,000 Coinbase shares — worth approximately $149.85 million at close — last week.
The shares were sold from three of the Cathie Wood-led investment manager's exchange-traded funds — specifically, from its Innovation ETF, Next Generation Internet ETF and Fintech Innovation ETF.
The amount offloaded by ARK is substantial — being the most sold since mid-February and the second-most since July of last year.
RELATED INDICES
Per usual, ARK's Coinbase sells are part of an effort to rebalance its ETFs — as the investment manager tries to let no individual holding take up more than 10% of an ETF's portfolio. Because of this, it is anticipated that ARK will continue to sell COIN, as the crypto exchange's shares still make up more than 10% of its ETFs' weight.
Shares of Coinbase are trading more than 80% higher than in February amid a wider Bitcoin-driven crypto market surge. The market-leading cryptocurrency set a new all-time high earlier this morning.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
