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.
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.
You may also like
Is the Crypto Market in for Another Bitcoin Price Correction?
Elon Musk’s D.O.G.E could crash the US stock market
Share link:In this post: Elon Musk’s new plan, D.O.G.E, wants to cut $500 billion in government spending and is already making big companies nervous. Defense giants like Lockheed and Boeing, plus pharma companies like Pfizer, might lose billions if DOGE cuts contracts. Dogecoin exploded 150% after the D.O.G.E announcement, proving anything Elon touches sends crypto traders into a frenzy.
Top 3 Solana-Based Altcoins to Surge 15,000% Before Year-End — Get In Before the Bull Run Takes Off in Full Power!
JasmyCoin’s Breakout Hints at Massive Gains: Analysts Predict Bullish Run