Over the course of three of its exchange-traded funds (ETFs), ARK Invest sold an additional $20.6 million worth of Coinbase (COIN) shares on Friday.
The total number of COIN shares offloaded by Cathie Wood’s investment firm was 133,823.98. The stock closed last week at $153.98.
No single stock should exceed 10% of an ETF’s value, according to ARK Invest’s goal. ARK consistently sold shares of the cryptocurrency exchange COIN over the final three months of 2023, while its price more than doubled.
With approximately $850 million worth of COIN held in its Innovation ETF (ARKK), it has the largest holding of Coinbase stock. The most recent unload lowers its proportion to 10.04%, indicating that even with another surge in Coinbase’s share price, sales from ARKK may be coming to an end.
Less Coinbase shares are included in ARK’s Next Generation Internet (ARKW) and Fintech Innovation (ARKF) ETFs, but their weightings—10.37% and 13.41%, respectively—remain greater.