Cathie Wood’s ARK Invest Offloads $25M of Coinbase Shares

Cathie Wood’s ARK Invest sold over $25 million worth of Coinbase (COIN) shares from two of its exchange-traded funds (ETFs) on Wednesday.

The investment firm sold a total of 166,183 COIN shares from its Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW), a value of $25.3 million at the crypto exchange’s closing price.

Coinbase’s Nasdaq-listed shares fell 2.96% to $152.24 on Wednesday as the crypto market’s rally halted and bitcoin slumped, partly due to a leverage flush as the market became overheated.

ARK’s ETFs have a target weighting whereby no individual holding exceeds 10% of the fund’s total value. Having more than doubled in price in the last three months of 2023, COIN has consistently held above that threshold in both ARKK and ARKW, leading to regular sales of the crypto exchange’s stock by Cathie Wood’s firm.