- Ark Invest sold nearly $43.8 million worth of Coinbase (COIN) shares on Monday.
- The firm offloaded a total of 270,984 COIN shares over three recent trading days.
- The combined sales amounted to almost $95 million, based on the closing price of $350.49 per share.
- Coinbase stock hit a record high above $380 on June 26, prompting sales to stay within fund limits.
- ARK Invest regularly rebalances its funds, selling shares when their value rises above a set percentage.
ARK Invest, led by Cathie Wood, sold about $43.8 million in shares of the cryptocurrency exchange Coinbase on Monday. The move took place as the price of Coinbase shares climbed to new highs.
In the last three trading days, the investment firm has sold a total of 270,984 COIN shares, for almost $95 million when calculated using Monday’s closing price of $350.49 per share. This came as Coinbase hit a record price above $380 on June 26.
According to the article, ARK Invest has a policy to ensure that no individual holding in its exchange-traded funds (ETFs) exceeds 10% of the fund’s total value. The recent surge in COIN prices required the firm to trim its holdings to remain within these guidelines.
ARK Invest includes COIN shares in three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF). The trend for the investment firm has been to sell shares that perform well and buy more when prices drop.
This approach helps maintain balance within ARK Invest’s portfolios, keeping no single asset overexposed during periods of strong price movement.
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