Ark Invest sells $52 million worth of COIN as share price bounces to new yearly high
Quick Take
- 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.
Ark Invest offloaded 199,526 Coinbase shares — worth $52.3 million — across three of its exchange-traded funds on Thursday, according to the company’s latest trade filing.
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.
RELATED INDICES
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 of shares in Jack Dorsey’s Block and $1.8 million worth of Robinhood stock on Thursday.
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.
