ARK Invest Cathie Wood sells $15 million worth of Coinbase shares
The securities have been removed from the ARKK and ARKW fund portfolios
08.04.2024 - 11:50
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What’s new? ARK Invest, an investment company led by Cathie Wood, has sold $15 million worth of shares of the US crypto exchange Coinbase (COIN). Thus, on April 5, 52 295 and 10 320 securities were removed from the portfolios of ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) funds, respectively, The Block reports, citing the company’s latest trading statement.
What else is known? On April 4, 22 690 and 2972 COIN totaling $6,9 million were also sold from ARKK and ARKW’s portfolios. Coinbase has dropped to the second-largest stake in ARKK ETF (9,36%), according to the company’s latest filing. COIN is also the second-largest position in ARKW (9,55%).
ARK Invest’s investment strategy is to ensure that no single stock takes up more than 10% of the ETF portfolio to maintain diversification. This means that the company will likely continue to rebalance if the price of COIN continues to rise relative to other securities in the funds.
ARKK’s holdings of COIN have a market value of $669 million, while the figure for ARKW is $160 million. Overall, the ARKK and ARKW funds are up 29% and 58%, respectively, over the past year.
As of April 8, COIN is trading at $240,9, having lost 3,49% overnight. Year-to-date gains have totaled 39,23%.
Grayscale sold ADA and ATOM tokens from its funds as part of a quarterly rebalancing
The funds received from token sales were used to buy assets preserved in fund baskets
On January 11, 26 301 securities of COIN and 341 592 securities of online broker Robinhood (HOOD) were removed from ARK Innovation ETF’s portfolio.
On February 14, ARK Invest sold$34 million and $1,5 million worth of COIN and online broker HOOD from ARKK, ARKF, and ARKW funds, respectively.
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