In its biggest transaction since July, Cathie Wood’s ARK Invest sold an additional 335,860 shares of Coinbase (COIN), a cryptocurrency exchange.In three exchange-traded funds (ETFs), ARK offloaded shares of COIN.ARKK, the Innovation ETF, provided the majority.At the closing price on Coinbase, the deal would have brought in $49.2 million..
During the past few weeks, while bitcoin has been rising, the investment manager based in St. Petersburg, Florida, has been selling Coinbase stock on a regular basis.It sold 480,000 shares for $50.5 million back in July, making this Friday’s the largest since then.
For each of its ETFs, ARK sets a target weighting that keeps the weightings of the individual composite holdings between 2% and 10% of the fund’s value, respectively.The COIN stock has been comfortably above 10% in each of the three ETFs due to its recent run, which has seen it hit highs not seen since April 2022.ARKK, the Next Generation ETF (ARKW), and the Fintech Innovation ETF (ARKF) comprise more than 11%, 13%, and 11%, respectively, of COIN, despite the sale.
With a daily gain of 7.66%, COIN finished at $146.62 on Friday.Additionally, for almost $3.6 million, ARK sold 102,672 shares of Grayscale Bitcoin Trust (GBTC).8.33% of ARKW is comprised of GBTC.