ARK Invest sold nearly $150 million in Coinbase shares last week amid continued ETF rebalancing

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The Block2024/03/11 10:35

By:Adam James

ARK Invest sold 580,000 Coinbase shares last week.This was the firm’s second-largest weekly COIN sale since July 2023.

ARK Invest sold 580,000 Coinbase shares — worth approximately $149.85 million at close — last week.

The shares were sold from three of the Cathie Wood-led investment manager's exchange-traded funds — specifically, from its Innovation ETF, Next Generation Internet ETF and Fintech Innovation ETF.

The amount offloaded by ARK is substantial — being the most sold since mid-February and the second-most since July of last year.

Per usual, ARK's Coinbase sells are part of an effort to rebalance its ETFs — as the investment manager tries to let no individual holding take up more than 10% of an ETF's portfolio. Because of this, it is anticipated that ARK will continue to sell COIN, as the crypto exchange's shares still make up more than 10% of its ETFs' weight.

Shares of Coinbase are trading more than 80% higher than in February amid a wider Bitcoin-driven crypto market surge. The market-leading cryptocurrency set a new all-time high earlier this morning.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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