ARK Invest Cashes Out $95 Million in Coinbase Stock After COIN’s Surge to Historic Levels

ARK Invest Trims Coinbase Holdings After Stock Hits New Highs

The recent surge in Coinbase shares above $380 on June 26 led ARK Invest to scale back its stake in the cryptocurrency exchange.

On Monday, ARK sold approximately $43.8 million worth of Coinbase (COIN) stock. Combined with earlier sales last week, the firm has now sold 270,984 shares of COIN over the past three trading sessions, totaling close to $95 million based on Monday’s closing price of $350.49.

The sharp increase in Coinbase’s share price triggered ARK’s rebalancing strategy. Under the leadership of Cathie Wood, ARK Invest follows strict rules that keep individual stock holdings below 10% of any ETF’s assets.

As part of this disciplined approach, ARK often reduces positions in stocks that have risen significantly and adds to them when prices dip.

Despite the recent sales, Coinbase remains a significant holding for ARK, with shares spread across three of its funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).