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At Friday’s closing price, ARK Invest sold over 580,000 COIN shares, worth $149.85 million. It’s the biggest offload of Coinbase stock ARK’s done since Feb 16. In the last month, Coinbase shares have increased by over 80% thanks to a nearly 50% rise in bitcoin’s price. Moreover, in an interview with the New Zealand Herald on March 7, Cathie Wood had also revealed “new expectations for institutional involvement” in BTC price growth. ARK Invest offloads COIN 
In the week concluded on March 8, ARK Invest, steered by Cathie Wood, unloaded over 580,000 shares of Coinbase (COIN) cryptocurrency exchange for $149.85 million at a closing price of $256.62 on Friday.
This significant sell-off involved shares from three Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) of ARK’s exchange-traded funds(ETFs). Since February 16th when it sold off stocks worth $151m the most recent reduction also represents ARK’s largest cutback in Coinbase’s stock. The second-highest weekly total since July 2023 is another reference to this move.
The strategy employed by ARK Invest prevents any single position from exceeding a ten percent weighting in an ETF. Therefore an investment that has increased significantly needs to be drastically reduced.
Coinbase rose dramatically in price this past month; its stock climbed by 80%. This was mainly driven by bitcoin prices that gained almost fifty percent during this period.
Nevertheless, despite the sale off, the company continues to dominate across all three of ARK’s exchanges with regard to its weightings which exceed the 10% mark. Such predictions are based on further sales expected from ARK especially after bitcoin hit all-time highs above $70k.
Early trading hours show <a href="https://news.todayq.com/coinbase-ceo-gives-crypto-wake-up-call-ahead-of-the-us-presidential-election/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> gaining 5.6% at pre-market, currently standing at $271. Cathie Wood’s take on BTC growth 
As <a href="https://news.todayq.com/cathie-wood-reduces-ai-exposure-amid-bitcoins-big-leap/" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood</a> pointed out, Bitcoin has undergone a profound transformation since the United States introduced its first spot exchange-traded funds (ETFs). Rcently reaffirming her belief in the future of Bitcoin in an address to a broader audience.
Even her own company, ARK Invest, has reassessed its bullish outlook for Bitcoin, Wood said in her speech. Recent developments might change the firm’s previous price target of $1 million per BTC by 2030.
“The target we had—it was set before the SEC gave us the green light, and I believe that was a significant milestone that has expedited our timeline,” she explained, referencing the regulatory approval from the <a href="https://news.todayq.com/sec-needs-sufficient-time-to-consider-bitcoin-etf-options-trading/" target="_blank" rel="noopener noreferrer nofollow">Securities and Exchange Commission.</a>
Considering these factors, the $1 million target by 2030 now appears overly conservative. “Our target surpasses that; it significantly surpasses that, and given our revised expectations for institutional participation, the incremental price we anticipate for institutions has more than doubled,” she disclosed, refraining from specifying an exact figure for the potential BTC/USD price.
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ARK Invest’s major sell-off, over 580K Coinbase shares sold

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