ARK Invest Trims Coinbase Holdings as Bitcoin Rally Lifts Shares to Record
Coinbase (COIN) shares surged past $395 on Friday, driven by bitcoin’s ascent toward an all-time high near $118,000.
Seizing the opportunity, ARK Invest, led by Cathie Wood, offloaded around $8.64 million worth of Coinbase stock last week as prices soared.
On Friday, ARK’s Next Generation Internet ETF (ARKW) sold 5,596 Coinbase shares, valued at approximately $2.17 million at the closing price of $387.06. That came a day after the ARK Innovation ETF (ARKK) shed 16,627 shares, totaling roughly $6.47 million based on Thursday’s close.
Coinbase briefly notched a record intraday high above $395 on Friday, buoyed by bitcoin’s momentum.
ARK Invest frequently rebalances its holdings to prevent any single stock from exceeding 10% of an ETF’s assets, ensuring diversified exposure.
As of early pre-market trading, Coinbase shares were up 1.66% at $393.50, while bitcoin broke through $122,000 to notch yet another record high.
