COIN

Bitcoin

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<ul>
 <li>This sum is ARK’s biggest sale of Coinbase shares since the week ending February 16.</li>
 <li>ARK Invest’s goal is to have no one holding more than a 10% proportion of an ETF’s value.</li>
</ul>
In the week ending March 8, <a href="https://www.linkedin.com/in/catherinedwood" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood</a> led ARK Invest sold more than 580,000 shares of <a href="https://thenewscrypto.com/goldman-sachs-upgrades-coinbase-to-neutral-amid-stock-surge/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> (COIN), a cryptocurrency exchange, for a total of $149.85 million, as the stock closed at $256.62 on Friday.
Three of ARK’s exchange-traded funds (ETFs)—Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF)—sold COIN shares.
<h3 class="wp-block-heading" id="h-banking-on-the-recent-surge">Banking on the Recent Surge</h3>
This sum is ARK’s biggest sale of Coinbase shares since the week ending February 16, when the company sold shares valued at $151 million. Since July 2023, it is the second-highest weekly total as well.
Such massive sell-offs are required when an asset’s value soars since ARK Invest’s goal is to have no one holding more than a 10% proportion of an ETF’s value. Along with a 50% gain in the price of <a href="https://thenewscrypto.com/ethereum-surpasses-4000-as-bitcoin-hits-new-ath-whats-next-for-eth/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> (BTC) over the last month, the value of Coinbase shares has climbed by more than 80%.
With COIN’s weighting across all three ETFs still well over 10%, ARK could possibly opt for further sales, especially with BTC setting a fresh record high over $72,000.
Despite investors’ elation at Bitcoin’s price increase, the Coinbase trading platform has been underwhelming. Coinbase has announced yet <a href="https://thenewscrypto.com/coinbase-faces-yet-another-outage-amid-bitcoins-soaring-highs/" target="_blank" rel="noopener noreferrer nofollow">another outage</a> on March 9 as Bitcoin reaches a new all-time high (ATH). Three disruptions have occurred on the cryptocurrency exchange in the last two weeks.
According to Coinbase users, the platform went down and caused a lot of problems. An overwhelming amount of problem complaints have been sent in recent times, according to data from Downdetector.
Highlighted Crypto News Today:
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Cathie Wood’s ARK Invest Sells Almost $150M Worth of Coinbase Shares

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