Cathie Wood's Ark Invest resumes Coinbase share sales, offloads $15 million worth of COIN

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The Block2024/05/08 09:28

By:James Hunt

Ark Invest offloaded another 70,616 Coinbase shares on Tuesday — worth $15.1 million — as the investment firm continues to rebalance its fund weightings.Ark’s latest COIN sales are the most significant since April 11, when the investment firm offloaded $20.4 million worth of the stock.

Cathie Wood's Ark Invest resumes Coinbase share sales, offloads $15 million worth of COIN image 0

Ark Invest offloaded 70,616 Coinbase shares — worth $15.1 million — across three of its exchange-traded funds on Tuesday.

The Cathie Wood-led investment firm sold 45,915 shares ($9.8 million) from its Innovation ETF (ARKK), 17,755 shares ($3.8 million) from its Next Generation Internet ETF (ARKW) and 6,946 shares ($1.5 million) from its Fintech Innovation ETF (ARKF), according to the company’s latest trade filing.

It’s the first time Ark has sold a significant amount of Coinbase shares in nearly a month after it offloaded $20.4 million worth of COIN on April 11 amid a rise in the stock's price. However, it did sell a relatively small amount of Coinbase shares from its ARKW fund on April 15, worth around $824,000.

Ark Invest's rebalancing strategy

Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if Coinbase’s stock rises relative to Ark's other holdings in the funds.

According to the firm’s latest disclosures, Coinbase is now the third-largest holding within its ARKK ETF, with a weighting of 8.2%, behind Tesla and Roku at 11.2% and 8.4%, respectively. Coinbase is the fourth-largest holding in ARKW , with a weighting of 8.2% — behind Ark’s own spot Bitcoin ETF (ARKB) at 10.2% of the fund and Tesla and Roku again at 8.5% and 8.3%. Coinbase is currently the top holding within its ARKF ETF, at a weighting of 10.4%

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ARKK’s Coinbase holdings have a market value of $547 million. ARKW’s COIN weightings are valued at $129 million at current prices, and ARKF’s $105 million. Overall, the ARKK, ARKW and ARKF funds are up around 24%, 55% and 61% over the past year, respectively.

Coinbase’s stock traded for $214.34 at market close on Tuesday, down more than 5% on the day but up over 7% during the past five trading days, according to TradingView . The stock has gained 24% year-to-date but remains 37.5% below its prior all-time high of $342.98, set in November 2021.

COIN/USD price chart. Image: TradingView .

Coinbase is currently valued at $39.9 billion, according to The Block’s data dashboard .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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