The investment firm Ark Invest, led by Cathie Wood, has disposed of shares in Coinbase amounting to $90.58 million. This endeavor took place across its three exchange-traded funds (ETFs) on Monday.
The Ark Innovation ETF (ARKK) sold 174,746 COIN shares, the Ark Next Generation Internet ETF (ARKW) sold 27,663 shares, and the ARK Fintech innovation ETF (ARKF) unloaded 16,577 shares of the prominent crypto exchange.
This sale by Ark follows Coinbase’s recent success, reaching an all-time high of over $437 last Friday after the U.S. House of Representatives approved a pivotal crypto bill. This bill aims to provide a federal regulatory structure for stablecoins and establish guidelines for the wider digital asset industry. Additionally, the Coinbase trading app climbed into the top 100 rankings on the Apple App Store for the first time since January.
Despite these achievements, Coinbase, which manages the largest crypto exchange in the U.S., closed down 1.47% at $413.63 on Monday, as per Google Finance data.
Apart from Coinbase, Ark Invest’s ARKW also sold 109,824 shares of Robinhood, worth $11.46 million, and the ARKF sold 90,061 shares of Block Inc., valued at $7 million. Robinhood’s stock declined by 4.92% to close at $104.34 on Monday, while Block’s shares closed up 7.22% at $78.08.
Ark Invest follows an investment strategy that limits any single stock holding to 10% of a fund’s portfolio to maintain diversification. This strategy implies that the firm may keep rebalancing its positions as the value of particular assets fluctuates significantly in comparison to other holdings.
Disclaimer: This article is for informational purposes only and should not be treated as legal, tax, investment, financial, or other advice. 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.
