ARK Invest Sells $8.6M in Coinbase Shares Amid Record Price Surge
Coinbase (COIN) shares skyrocketed past $395 on Friday as bitcoin continued its record-breaking run, reaching nearly $118,000.
Capitalizing on the surge, ARK Invest, led by Cathie Wood, reduced its stake in Coinbase by around $8.64 million last week.
On Friday, ARK’s Next Generation Internet ETF (ARKW) sold 5,596 shares of Coinbase, valued at approximately $2.17 million based on the closing price of $387.06. A day earlier, the firm’s ARK Innovation ETF (ARKK) offloaded 16,627 shares, worth about $6.47 million at Thursday’s close.
Coinbase hit an all-time intraday high above $395 on Friday, tracking bitcoin’s powerful rally.
ARK Invest frequently adjusts its holdings to ensure no single stock accounts for more than 10% of any given ETF, maintaining balanced exposure and risk management.
In pre-market trading, Coinbase was up 1.66% at $393.50, reflecting ongoing enthusiasm as bitcoin surged above $122,000 to set another record high.
