COIN

Generation

when

Billion

In a significant move reflecting its investment strategy, Cathie Wood's ARK Invest announced that it sold approximately $150 million worth of shares of cryptocurrency exchange Coinbase (COIN) during the week ending March 8, 2024.
This sale, amounting to more than 580,000 shares, underscores ARK's commitment to building balanced portfolios across exchange-traded funds (ETFs) and avoiding individual holdings exceeding 10% of an ETF's value.
COIN shares sold at Friday's closing price of $256.62 represent a significant divestment valued at $149.85 million.
Shares are excluded from ARK's three leading ETFs: Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).
This sale marks the most significant divestment of Coinbase shares by ARK Invest since the week ending February 16, 2024, when $151 million worth of shares were sold. It highlights the second-highest weekly total transaction size since July 2023.
Related News: <a href="https://en.bitcoinsistemi.com/billionaire-with-4-3-billion-wealth-bitcoin-has-the-chance-to-go-forever-maybe-i-should-buy-it/" target="_blank" rel="noopener noreferrer nofollow">Billionaire with $4.3 Billion Wealth: "Bitcoin Has The Chance To Go Forever, Maybe I Should Buy It"</a>
ARK Invest's approach to building a diversified portfolio calls for such large-scale sales when assets appreciate significantly.
The recent increase in Coinbase's share price, coupled with the significant rise in Bitcoin price, has prompted ARK to rebalance its holdings.
Over the past month, Coinbase shares have gained over 80%, reflecting a nearly 50% rise in the price of Bitcoin over the same period.
With COIN's weighting in ARK's ETFs remaining comfortably above the 10% threshold, further selling from ARK is expected, especially with Bitcoin reaching an all-time high above $70,000.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/investment-company-ark-invest-sells-coinbase-share-as-bitcoin-price-rises-here-is-the-last-amount-of-shares-sold/" rel="noopener noreferrer nofollow">Investment Company ARK Invest Sells Coinbase Share as Bitcoin Price Rises! Here is the Last Amount of Shares Sold!</a>

Investment Company ARK Invest Sells Coinbase Share as Bitcoin Price Rises! Here is the Last Amount of Shares Sold!

Bitcoin Sistemi EN

Other articles published on Mar 11, 2024

Are Global Companies Equipped to Tackle Emerging AI-Driven Cyber Threats? New Study Reveals Insights

London Stock Exchange Greenlights Bitcoin and Ethereum ETNs

BlackRock’s Bitcoin ETF Now Holds More BTC Than MicroStrategy

Shiba Inu (SHIB) Token Soars as Community Burns Over 13 Billion Tokens to Boost Value

More Gains ‘Are Coming’ Despite PEPE, BONK, and WIF Pumping 1000x Already: Analyst Shares His Top...

BlockDAG’s Keynote: The Talk of the Crypto World, Sparking a Presale Explosion!

Join our free newsletter for daily crypto updates!