20 Million Dollar Coinbase Share Sale: ARK Invest Continues Share Sales as ETF Approvals Come Up

Crypto News – Three of ARK Invest‘s exchange-traded funds (ETFs) saw an additional $20.6 million in Coinbase (COIN) shares sold on Friday.

20 Million Dollar Coinbase Share Sale: ARK Invest Continues Share Sales as ETF Approvals Come Up

Ten percent of an ETF’s value should not be exceeded by any one stock, according to ARK Invest. In 2023, COIN experienced a price increase of over 100% during the final three months, which led to ARK consistently selling its shares in the cryptocurrency exchange. The shares closed last week at $153.98. 133,823 COIN shares were offloaded overall by Cathie Wood’s investment firm in this direction.

The United States-based asset management company published its January 5 trades on January 8 on X. 10,780 shares of Coinbase’s ARK Fintech Innovation ETF (ARKF), 15,892 shares of its ARK Next Generation Internet ETF (ARKW), and 107,151 shares of its ARK Innovation ETF (ARKK) were sold as part of the transactions.

ARK Still Owns Majority of Coinbase Shares

ARK Invest made almost $78 million from the sale of its Coinbase shares in just December and January. ARK continues to own a sizable portion of Coinbase shares in spite of these ongoing divestitures. With 10.04% of the portfolio, Coinbase is still the biggest asset in the ARKK ETF. Additionally, with 10.37% and 13.41%, respectively, it is the largest asset in the ARKW and ARKF ETFs.