ARK Invest Cuts Coinbase Stake by $8.64 Million After Stock Hits All-Time High

ARK Invest Cuts Coinbase Position as Stock Hits New Highs

Coinbase (COIN) shares soared to new heights on Friday, breaking above $395 amid bitcoin’s explosive rally toward nearly $118,000.

Taking advantage of the momentum, ARK Invest, led by Cathie Wood, sold approximately $8.64 million worth of Coinbase shares last week as the crypto exchange’s stock price surged.

On Friday, ARK’s Next Generation Internet ETF (ARKW) sold 5,596 shares of Coinbase, valued at about $2.17 million based on the day’s closing price of $387.06. That followed Thursday’s sale by the ARK Innovation ETF (ARKK) of 16,627 shares, totaling roughly $6.47 million at that day’s close.

Coinbase briefly reached an all-time high above $395 during Friday’s session, propelled by bitcoin’s strength.

ARK Invest often trims positions to prevent any single holding from exceeding 10% of an ETF’s assets, maintaining diversification and managing risk.

In pre-market trading, Coinbase was up 1.66% at $393.50, as bitcoin pushed further, crossing above $122,000 to set another record high.