ARK Invest Sells $25M Worth of Coinbase Shares: Cathie Wood's Move

• ARK Invest Dumps $25 Million Worth of Coinbase Shares
• Coinbase Shares Decline in Value
• ARK ETFs Maintain Target Weighting
• ARK Invest Shifts to ProShares Bitcoin ETF

ARK Invest Dumps $25 Million Worth of Coinbase Shares

Over $25 million of Coinbase (COIN) shares were offloaded from ARK Invest's two exchange-traded funds (ETFs) on a recent Wednesday. The move involved the sale of a total of 166,183 COIN shares from ARK Invest's Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW), equating to a value of $25.3 million, calculated based on the cryptocurrency exchange's closing price.

Coinbase Shares Decline in Value

As the cryptocurrency market rally was interrupted and Bitcoin$42,260 -0.64% experienced a slump, Coinbase's shares listed on Nasdaq took a 2.96% dip, closing at $152.24. The crypto market downturn was partially attributed to a leverage flush caused by an overheated market.

ARK ETFs Maintain Target Weighting

It is worth noting that ARK's ETFs keep a target weighting that ensures no individual holding surpasses 10% of the overall fund value. Following a significant increase of more than double its price in the concluding three months of 2023, COIN managed to consistently maintain above that benchmark in both the ARKK and ARKW. This has resulted in repeated sales of the cryptocurrency exchange's stock by ARK Invest.

ARK Invest Shifts to ProShares Bitcoin ETF

After parting ways with Grayscale Holdings, ARK Invest has focused its investment efforts towards the ProShares Bitcoin ETF.

Edited by Jonathan Stoker