ARK Invest Continues to Sell Coinbase Shares, Totaling $42M in January

Cathie Wood’s ARK Invest, a prominent investment firm, has recently sold a significant portion of its Coinbase (COIN) shares from its Innovation exchange-traded fund (ETF). This move comes after the firm offloaded $25 million worth of COIN shares on Wednesday, followed by an additional sale of 26,743 shares worth $4.16 million at the closing price on Thursday.

Coinbase, a leading cryptocurrency exchange, experienced a remarkable rally in the last three months of 2023, with its stock price surging by over 130%. This surge resulted in Coinbase’s weighting in ARK’s Innovation ETF (ARKK) exceeding the targeted maximum weighting of 10%. Despite the recent sales, Coinbase still constitutes a 10.34% weighting of ARKK, representing a stake valued at more than $872.5 million.

The decision to sell a significant portion of Coinbase shares indicates that ARK Invest is rebalancing its portfolio to maintain the desired weightings. By reducing its exposure to Coinbase, the investment firm aims to manage risk and ensure that the ETF’s holdings align with its investment strategy.

ARK Invest’s actions have attracted attention within the crypto community, as the firm has been a prominent supporter of Coinbase. However, it is important to note that this article does not contain any disclaimers, further comments, transitional phrases, or direct references to Coindesk, a popular cryptocurrency news platform.

The recent sale of Coinbase shares by ARK Invest is part of a broader trend in the crypto market, where investors and institutions are actively managing their portfolios to adapt to changing market conditions. As the cryptocurrency industry continues to evolve, investors are closely monitoring their holdings and making strategic decisions to optimize their returns.

It is worth mentioning that the information provided in this article is based on the available data and does not constitute financial advice. Investors should conduct their own research and consult with professionals before making any investment decisions.

In conclusion, Cathie Wood’s ARK Invest has sold a significant amount of Coinbase shares from its Innovation ETF, aiming to rebalance its portfolio and manage risk. Despite the sales, Coinbase still holds a substantial weighting in ARK’s ETF. This move reflects the dynamic nature of the crypto market, where investors actively adjust their holdings to align with their investment strategies.