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<a href="https://crypto.news/tag/ark/" rel="noopener noreferrer nofollow">ARK Invest </a>has offloaded a further $20.6 million in Coinbase (COIN) shares, spanning three of its exchange-traded funds (ETFs).
Of the Coinbase shares sold on Jan. 5, by <a href="https://crypto.news/tag/cathie-wood" rel="noopener noreferrer nofollow">Cathie Wood</a>‘s investment firm, 107,151 shares ($16.5 million) were from the Innovation ETF, 15,892 shares ($2.4 million) from the Next Generation Internet ETF and 10,780 shares ($1.7 million) from the Fintech Innovation ETF.
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 Cathie Wood and Ark Invest's trade activity from today 1/5. <a href="https://t.co/mJ9Cfxx3Ot" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/mJ9Cfxx3Ot</a>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1743439426338914463?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 6, 2024</a>
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Including the <a href="https://crypto.news/ark-invest-sells-another-25m-worth-of-coinbase-shares/" rel="noopener noreferrer nofollow">$25.3 million</a> in COIN shares sold on Dec. 3 and <a href="https://crypto.news/ark-invest-offloads-another-4m-in-coinbase-shares/" rel="noopener noreferrer nofollow">$4.1 million</a> on Dec. 4, ARK Invest’s total sales of Coinbase stock reached $50 million last week, even as the stock declined by about 10%.
This series of sales is a continuation of the firm’s strategy to maintain balance in its portfolio, particularly to avoid any single stock exceeding 10% of an ETF’s total value.
You might also like: <a href="https://crypto.news/cathie-wood-hints-at-spot-bitcoin-etf-approval-date/" rel="noopener noreferrer nofollow"> Cathie Wood hints at spot Bitcoin ETF approval date </a>
The bulk of ARK’s Coinbase investment lies in its ARKK fund, holding over $850 million in COIN. The latest offload reduced ARKK’s holding in COIN to 10.04%, indicating that ARK may soon halt further sales from this ETF unless there’s another surge in Coinbase’s share price.
The ARKW and ARKF ETFs have lesser holdings in Coinbase, but their weightings are slightly higher at 10.37% and 13.41%, respectively.
ARK’s strategy of rebalancing its fund weightings was also evident in December when it <a href="https://crypto.news/ark-invest-continues-coinbase-sell-off-surpassing-200m-in-december-sales/" rel="noopener noreferrer nofollow">sold $200 million</a> worth of Coinbase shares following a 40% surge in COIN’s price.
At the market close on Friday, Coinbase shares were trading at <a href="https://finance.yahoo.com/quote/COIN/" target="_blank" rel="noopener noreferrer nofollow">$153.98</a>, marking a slight 1% decrease for the day. Despite this, the stock has seen an impressive 350% increase over the past year. However, it remains 55% below its all-time high of $342.98, recorded during the peak of the crypto bull market in November 2021.
Read more: <a href="https://crypto.news/ark-invest-liquidates-remaining-grayscale-stocks/" rel="noopener noreferrer nofollow"> Ark Invest liquidates remaining Grayscale stocks </a>

ARK Invest sells another $20.6m in Coinbase shares

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