ARK Invest Unloads Additional $4.2M in Coinbase Shares

• ARK Invest Divests More Shares from its Coinbase Holdings
• Surge in Coinbase Stock Price
• ARK's December Sales of COIN Shares

ARK Invest Divests More Shares from its Coinbase Holdings

Cathie Wood's ARK Invest has continued to reduce its holdings in Coinbase (COIN) through its Innovation ETF. The investment company offloaded $25 million worth of COIN shares on Wednesday, and then went on to sell another 26,743 shares the following day. These sold shares were valued at a closing price of $4.16 million, with COIN seeing an addition of 2.21% to $155.6.

Surge in Coinbase Stock Price

Coinbase stock experienced an impressive rally in the last quarter of 2023, which resulted in a price increase of over 130%. This surge saw its weighting in ARK's Innovation ETF (ARKK) surpass the target maximum of 10%. Despite recent sales, it still maintains a 10.34% weighting of ARKK, translating to a stake worth more than $872.5 million.

ARK's December Sales of COIN Shares

The aforementioned sale of COIN shares in December has brought ARK Invest's total close to a significant $200 million.

Edited by Jonathan Stoker