Cathie Wood’s ARK Invest executed a significant move by selling 335,860 shares of Coinbase (COIN) on Friday, marking its most substantial divestment since July.
The strategic sale was distributed across three ETFs, with the majority from the Innovation ETF (ARKK), generating approximately $49.2 million at Coinbase’s closing price.
ARK Invest, based in St. Petersburg, FL, has been consistently reducing its Coinbase holdings in recent weeks, aligning with the surge in COIN stock and Bitcoin’s rally.
Despite the sales, COIN still represents a significant portion of ARK’s portfolio, accounting for over 11% of ARKK and ARKW and more than 13% of ARKF.
With COIN reaching its highest level since April 2022, the recent divestments reflect ARK’s active management strategy, ensuring balanced exposure within its ETFs while responding to cryptocurrency market shifts.
The firm also sold 102,672 shares in the Grayscale Bitcoin Trust (GBTC), valued at around $3.6 million, maintaining ARK’s commitment to cryptocurrency-related assets within ARKW.
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