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Cathie Wood’s ARK Invest sold another chunk of Coinbase (COIN) shares from its Innovation exchange-traded fund (ETF) on Thursday.
Following the offload of $25 million worth of COIN shares on Wednesday, the investment firm sold a further 26,743, worth $4.16 million at its closing price. COIN added 2.21% to $155.6.
Coinbase stock’s rally in the last 3 months of 2023, which saw the price increase by over 130%, took its weighting in ARK’s Innovation ETF (ARKK) above the targeted maximum weighting of 10%. It still constitutes a 10.34% weighting of ARKK, a stake worth more than $872.5 million.
Edited by Sheldon Reback.