Ark Invest Sells $90M in Coinbase Shares

Ark Invest, the investment firm headed by Cathie Wood, divested 218,986 shares of Coinbase (COIN) valued at $90.58 million on Monday. The sales were distributed across three of its exchange-traded funds: the Ark Innovation ETF (ARKK) sold 174,746 shares, the Ark Next Generation Internet ETF (ARKW) liquidated 27,663 shares, and the ARK Fintech Innovation ETF (ARKF) sold 16,577 shares. This move followed a significant milestone for Coinbase, which reached an all-time high of over $437 last Friday, coinciding with the U.S. House of Representatives passing crucial crypto legislation aimed at establishing a regulatory framework for stablecoins and the wider digital asset sector. Additionally, the Coinbase trading app made headlines by entering the top 100 rankings on the Apple App Store for the first time since January. On Monday, Coinbase shares closed at $413.63, down 1.47% according to Google Finance data. In other news, Ark's ARKW also sold 109,824 shares of Robinhood for $11.46 million, with Robinhood's stock falling 4.92% Monday to close at $104.34. Similarly, the ARKF disposed of 90,061 shares of Block Inc., valued at $7 million, while Block's shares ended the day up 7.22% at $78.08. Ark Invest follows an investment strategy that limits any single stock to 10% of a fund's portfolio to ensure diversification. This approach allows the firm to continually adjust its holdings as asset values fluctuate significantly relative to others.