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<p class="is-style-lead">ARK Invest, headed by Cathie Wood, offloaded an additional 80,118 shares of <a href="https://crypto.news/tag/coinbase/">Coinbase</a>, valued at $13.5 million, from two of its investment funds, coinciding with the stock’s ongoing surge in December.</p> 
<p>On Dec. 21, <a href="https://crypto.news/tag/ark/">ARK Invest</a> sold 68,769 Coinbase shares valued at $11.6 million from its Innovation ETF and 11,349 shares worth $1.9 million from its Next Generation Internet ETF.</p> 
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   <p lang="en" dir="ltr">Cathie Wood and Ark Invest's trade activity from today 12/21 <a href="https://t.co/zernEuT1C2" target="_blank">pic.twitter.com/zernEuT1C2</a></p>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1738002787957670264?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 22, 2023</a>
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<p>With the recent sale of $30 million in Coinbase shares earlier this week, combined with the $108 million and <a href="https://crypto.news/cathie-woods-ark-invest-sells-another-42-6m-coinbase-shares-1-6m-in-gbtc/">$59 million</a> worth of shares sold in the first and second weeks of December, Ark Invest’s total divestment from Coinbase this month has now reached approximately $210.5 million.</p> 
<p>This strategy aligns with ARK’s policy of maintaining a cap on individual company exposure, aiming to keep it around 10% of its holdings.</p> 
<p>Coinbase’s stock has been on a significant rise, hitting new yearly highs with a trading price of<a href="https://finance.yahoo.com/quote/COIN/" target="_blank" rel="noopener"> $168.03</a>. This marks a 3.8% increase for the day, a 53.8% rise over the past month, and an impressive 400% growth year-to-date. However, it is still 50% below its all-time high from November 2021.</p> 
<p> You might also like: <a href="https://crypto.news/sec-ark-investment-btc-etf-final-deadline-approaches/"> SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches </a> </p> 
<h2 class="wp-block-heading" id="grayscale-btc-trust-shares-reduced">Grayscale BTC trust shares reduced</h2> 
<p>In addition to its Coinbase transactions, Ark Invest has also been reducing its holdings in the <a href="https://crypto.news/tag/grayscale/">Grayscale</a> Bitcoin Trust (GBTC). On Dec. 18, the firm <a href="https://crypto.news/ark-invest-buys-25-7m-in-block-shares-offloads-28m-in-gbtc/">sold over 809,441 GBTC</a> shares from its Next Generation Internet ETF, totaling approximately $27.6 million, the largest sale in over a year.</p> 
<p>Ark’s recent sales coincide with a narrowing of GBTC’s discount to net asset value, falling from over 40% in June to around 7.6%.</p> 
<h2 class="wp-block-heading" id="increased-investment-in-block">Increased investment in Block</h2> 
<p>While reducing its exposure to Coinbase and GBTC, Ark Invest has been accumulating shares in <a href="https://crypto.news/tag/block">Block</a>. On Dec. 18, the firm purchased 347,692 Block shares for its ARKW fund, totaling around <a href="https://crypto.news/ark-invest-buys-25-7m-in-block-shares-offloads-28m-in-gbtc/">$25.7 million</a>. Additionally, it acquired 158,334 shares worth $12.1 million for its Next Generation Internet ETF.</p> 
<p>Block, co-founded by Twitter’s (now X) Jack Dorsey, now represents 6.83% of ARKW’s total assets, with a market value of $116.9 billion.</p> 
<p> Read more: <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/"> ARK Invest discloses 80 bps fee in spot Bitcoin ETF filing </a> </p>

ARK Invest continues Coinbase sell-off, surpassing $200m in December sales

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