The shares of Coinbase (COIN) remained stable within 5% of the year’s peak, so Cathie Wood’s investment management company, ARK Invest, sold the stock for the third day in a row.
At Tuesday’s closing price, the company sold off 82,255 shares, or roughly $11.5 million, from the exchange-traded funds (ETFs) ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). On all but two trading days this month, it has decreased its position in the cryptocurrency exchange.
With the rise in bitcoin (BTC), Coinbase’s stock has been rising. While Coinbase has nearly quadrupled in value this year, the largest cryptocurrency by market cap has increased by roughly 150%.
St. Petersburg, FloridaARK Invest’s policy is to limit a company’s maximum weight in its holdings to 10%. Even after recent divestments, which included Friday’s $49 million sale, the largest since July, the weighting of COIN in the three ETFs remains above that level due to the stock’s recent rally, which last month reached highs not seen since April 2022.
Based on closing prices, ARK Invest has sold more than $120 million worth of Coinbase shares this month.