Ark Invest Sells Coinbase Shares

Ark Invest offloaded 12,077 Coinbase shares worth $2.7 million from its Next Generation Internet exchange-traded fund (ARKW) on Wednesday.

This marks the first sale of Coinbase shares by the Cathie Wood-led investment firm since it sold $4.3 million worth on July 19. Ark’s investment strategy aims to avoid individual holdings exceeding 10% of an ETF’s portfolio to maintain diversification. Thus, further rebalancing is likely if Coinbase’s (COIN) value increases compared to other holdings.

According to the latest disclosures, COIN is now the fourth-largest holding in the ARKW ETF, making up 7.3% as of August 1. This is behind Ark’s spot Bitcoin ETF (ARKB) at 11%, and Tesla and Roku shares at 10% and 8.4%, respectively. The current market value of ARKW’s Coinbase holdings stands at $102.4 million. Overall, ARKW has increased by around 33% over the past year.

Coinbase’s stock closed at $224.36 on Wednesday, remaining stable for the day but up nearly 30% year-to-date, as per TradingView. However, COIN is 35% below its previous all-time high of $342.98, set in November 2021.


As per data from The Block, Coinbase is currently valued at $41.7 billion.

In addition, Ark sold 118,209 shares from its ARKB spot Bitcoin ETF from the same ARKW fund last week, totaling $7.8 million.