Ark Invest sells $52 million worth of COIN as share price bounces to 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.

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.

Coinbase is currently valued at $48.7 billion, according to The Block’s data dashboard.

Expand Chart

Ark Invest also sold $15.8 million of shares in Jack Dorsey’s Block and $1.8 million worth of Robinhood stock on Thursday.