- Ark Invest sells 166,183 Coinbase shares worth $25.3 million on Wednesday.
- The shares were offloaded from two of the investment management firm’s ETFs.
- Ark Invest has sold over $200 million worth of Coinbase shares in recent weeks.
Cathie Wood’s Ark Invest Coinbase stock-selling spree has spilled over into the new year after the firm reportedly reduced its portfolio on Wednesday.
The investment management firm reportedly sold another 166,183 Coinbase Global Inc. shares worth around $25.3 million. Reports noted that the stocks were offloaded from two of the firm’s exchange-traded funds (ETFs). In particular, the firm ARK Innovation ETF offloaded 145,048 Coinbase shares, while ARK Next Generation Internet ETF sold 21,135 shares of the crypto exchange.
Importantly, the sales come as the firm tries to ensure no individual holding in its ETFs exceeds 10% of the fund’s total value. Given the recent rise in COIN’s shares, which have doubled in price in the last three months, the offload became necessary to maintain this target weighting in its ETFs.
Meanwhile, the recent offload follows a slew of other Coinbase shares sales by Ark Invest since late last year. In recent weeks, Cathie Wood’s firm has sold over $200 million worth of Coinbase shares.
United States-based Coinbase is one of the blockchain companies to have seen a rise in its stock fueled by renewed optimism in the cryptocurrency market. In the past 30 days, the stock has increased by 7.90%. However, the sustained upward trend hit a stop yesterday as fears of an ETF rejection triggered a sell-off.
As a result, the stock dipped 2.96%. However, as the fears settled, COIN saw a slight recovery and is up 1.42% in pre-market trading. At present, the stock is exchanging hands at $152.24 apiece.
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