ARK Invest Sells Coinbase Shares Following Stock’s Record Surge
After Coinbase shares climbed above $380 on June 26, ARK Invest decided to reduce its position in the crypto exchange.
On Monday alone, ARK sold about $43.8 million worth of Coinbase (COIN) stock. Including sales from the previous week, the firm has offloaded a total of 270,984 COIN shares over the past three trading sessions, equating to nearly $95 million based on Monday’s closing price of $350.49.
The significant rise in Coinbase’s share price prompted ARK to rebalance its portfolios. Led by Cathie Wood, ARK Invest adheres to strict rules that prevent any single stock from exceeding 10% of a fund’s assets.
This disciplined approach means ARK often sells portions of its holdings when share prices spike and buys back into those positions when prices decline.
Despite the recent sales, Coinbase remains a key part of ARK’s strategy, with shares held across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
