ARK Invest sold over 580,000 COIN shares last week, worth $149.85 million at Friday’s closing price.
The total marks the largest offload of Coinbase stock by ARK since the week ended Feb. 16.
Coinbase shares have increased by over 80% in value in the last month thanks to a rally of nearly 50% in bitcoin’s price during the same period.
Cathie Wood’s investment manager, ARK Invest, sold over 580,000 shares of cryptocurrency exchange Coinbase (COIN) in the week ended March 8, worth $149.85 million at Friday’s closing price of $256.62.
ARK sold COIN shares from three of its exchange-traded funds (ETFs): Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).
The total marks the largest offload of Coinbase stock by ARK since the week ended Feb. 16 when it sold shares worth $151 million at the time. It is also the second-highest weekly total since July 2023.
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell-offs necessary when an asset surges in value.
Coinbase shares have increased by over 80% in value in the last month thanks to a rally of nearly 50% in bitcoin’s (BTC) price during the same period.
COIN’s weighting across the three ETFs remains comfortably in excess of 10% meaning further sales from ARK can be expected, particularly after BTC hit a new all-time high above $70,000.
Coinbase is currently up 5.6% at $271 in pre-market trading.
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