Cathie Wood’s Ark Invest continues Coinbase selling spree, offloads another $27 million worth of COIN
Quick Take
- Cathie Wood’s Ark Invest offloaded another 106,000 Coinbase shares on Tuesday — worth $27.2 million.
- The investment manager has offloaded nearly $100 million of the stock this week already as it continues to rebalance its fund weightings.
Ark Invest sold another 106,000 Coinbase shares across three of its exchange-traded funds on Tuesday, worth $27.2 million, according to the company’s latest trade filing.
The Cathie Wood-led investment firm offloaded 66,387 shares ($17.1 million) from its Innovation ETF (ARKK), 9,123 shares ($2.3 million) from its Next Generation Internet ETF (ARKW) and 30,490 shares ($7.8 million) from its Fintech Innovation ETF (ARKF).
Following the $69 million worth of COIN Ark sold on Monday, the investment manager has offloaded nearly $100 million worth of Coinbase shares already this week as it continues to rebalance its fund weightings amid a continued price surge for the stock.
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. According to the firm's latest disclosures, Coinbase remains the largest holding within the ARKK, ARKW and ARKF ETFs — with current weightings at 10.9%, 12.1% and 12.4%, respectively.
ARKK’s Coinbase holdings have a market value of $852 million, with ARKW and ARKF’s COIN weightings valued at $211 million and $143 million at current prices. Overall, the ARKK, ARKW and ARKF funds are up 67.6%, 96.9% and 93.3% over the past year, respectively.
RELATED INDICES
Coinbase stock reached a yearly high of $256.14 at market close on Tuesday, up 12% over the past week and 48% year-to-date, according to TradingView. COIN is trading at the highest level since December 2021, but remains 25% 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 $47.6 billion, according to The Block’s data dashboard.
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