Cathie Wood’s ARK Invest Sells Most Coinbase Shares Since July as Price Rises

Cathie Wood’s ARK Invest sold another 335,860 shares in cryptocurrency exchange Coinbase (COIN) on Friday, its largest sale since July.

ARK offloaded COIN shares across three exchange-traded funds (ETFs). The bulk came from the Innovation ETF (ARKK). The sale would have raised $49.2 million at Coinbase’s closing price.

The St. Petersburg, FL-based investment manager has been making consistent sales of Coinbase stock in recent weeks as the exchange’s shares have appreciated alongside bitcoin’s rally. Friday’s is the largest since July, when it sold 480,000 shares worth $50.5 million at the time.

ARK adopts a target weighting for its ETFs, where individual composite holdings’ weightings don’t dip below 2% of the value of the fund nor exceed 10%. The recent rally in COIN stock, which has reached highs not seen since April 2022, means its weighting in the three ETFs has been comfortably in excess of 10%.

Even with the recent sales, COIN accounts for more than 11% of ARKK and the Next Generation ETF (ARKW) and over 13% of the Fintech Innovation ETF (ARKF).

COIN closed on Friday at $146.62, up 7.66% on the day.

ARK also sold 102,672 shares in Grayscale Bitcoin Trust (GBTC), worth around $3.6 million. GBTC accounts for 8.33% of ARKW.

UPDATE (Dec. 11, 10:04 UTC): Rewrites headline.