ARK Invest Cuts Coinbase Stake as Stock Reaches New Peaks
Coinbase shares soared past $380 on June 26, prompting ARK Invest to pare back its investment in the crypto exchange.
On Monday, ARK offloaded roughly $43.8 million worth of Coinbase (COIN) shares. Combined with earlier sales last week, the firm has sold a total of 270,984 COIN shares over the last three trading days, amounting to nearly $95 million based on Monday’s closing price of $350.49.
The impressive rise in Coinbase’s share price triggered ARK’s decision to rebalance its funds. Led by Cathie Wood, ARK Invest enforces strict guidelines to ensure that no single holding surpasses 10% of an ETF’s total assets.
This disciplined strategy leads ARK to trim positions when stocks rally and to increase holdings during downturns.
Coinbase remains a key investment for ARK, which still holds the company’s shares across three funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
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