ARK Invest Continues Sell-Off of Coinbase Shares for Third Day

• ARK Invest Continues to Sell Coinbase Stock
• Coinbase and Bitcoin Surge
• ARK Invest's Policy and Recent Activities

ARK Invest Continues to Sell Coinbase Stock

ARK Invest, the investment firm established by Cathie Wood, has sold Coinbase (COIN) stock for three consecutive days. Throughout this period, the shares have maintained a stable position, not straying more than 5% from the year's peak. The company disposed of a total of 82,255 shares, equating to roughly $11.5 million at Tuesday's closing price. The shares came from the ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) exchange-traded funds (ETFs). The firm has reduced its holdings in the cryptocurrency exchange on nearly every trading day in the current month.

Coinbase and Bitcoin Surge

The value of Coinbase stock has been on an upward trajectory, largely in tandem with the rise in the price of Bitcoin$42,260 -0.64% (BTC), the world's largest cryptocurrency by market cap. Bitcoin has seen a staggering 150% growth this year, while Coinbase's value has almost quadrupled in the same period.

ARK Invest's Policy and Recent Activities

ARK Invest, which is headquartered in St. Petersburg, Florida, has a policy that limits the maximum weight of any given company in its portfolio to 10%. The recent surge in the price of COIN stock last month reached figures that haven't been seen since April 2022. This has resulted in the stock's weight in the three ETFs remaining over the designated level, even after recent divestments, including Friday's sale of $49 million, which was the largest since July. Over the course of this month, ARK Invest has sold in excess of $120 million of Coinbase's shares, based on the closing prices.

Edited by Jonathan Stoker