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 <p class="is-style-lead">ARK Invest has offloaded a further $20.6 million in Coinbase (COIN) <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s, spanning three of its exchange-traded funds (ETFs).</p> 
 <p>Of the Coinbase <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s sold on Jan. 5, by Cathie Wood‘s investment firm, 107,151 <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s ($16.5 million) were from the Innovation ETF, 15,892 <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s ($2.4 million) from the Next Generation Internet ETF and 10,780 <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s ($1.7 million) from the Fintech Innovation ETF.</p> 
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    <p lang="en" dir="ltr">Cathie Wood and Ark Invest's trade activity from today 1/5. pic.twitter.com/mJ9Cfxx3Ot</p>— Ark Invest Daily (@ArkkDaily) January 6, 2024
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 <p>Including the $25.3 million in COIN <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s sold on Dec. 3 and $4.1 million on Dec. 4, ARK Invest’s total sales of Coinbase stock reached $50 million last week, even as the stock declined by about 10%.</p> 
 <p>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.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Cathie Wood hints at spot Bitcoin ETF approval date 
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 <p>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 <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> price.</p> 
 <p>The ARKW and ARKF ETFs have lesser holdings in Coinbase, but their weightings are slightly higher at 10.37% and 13.41%, respectively.</p> 
 <p>ARK’s strategy of rebalancing its fund weightings was also evident in December when it sold $200 million worth of Coinbase shares following a 40% surge in COIN’s price.</p> 
 <p>At the market close on Friday, Coinbase <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s were trading at $153.98, 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.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Ark Invest liquidates remaining Grayscale stocks 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/ark-invest-sells-another-20-6m-in-coinbase-shares-tbt75892.html">https://thebittimes.com/ark-invest-sells-another-20-6m-in-coinbase-shares-tbt75892.html</a></p>

ARK Invest sells another $20.6m in Coinbase shares

TheBitTimes

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