Markets
ARK Invest Moves to Sell $95 Million in Coinbase Shares Following COIN Surge
Coinbase shares reached a new high, prompting ARK Invest to sell a substantial amount of their holdings.
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On Monday, ARK Invest sold approximately $43.8 million worth of Coinbase (COIN) shares. This sell-off is part of a broader pattern, following the disposal of around 270,984 shares within just three trading days. Coinbase shares surged past $380 on June 26, pushing ARK to take action.
Key Points:
- ARK’s recent sales total nearly $95 million, based on closing prices.
- Cathie Wood’s firm operates with a policy where no single investment exceeds 10% of the total value in their ETFs (Innovation, Next Generation Internet, Fintech Innovation).
- Such moves reflect ARK’s strategy to sell higher and buy lower, maintaining a balance in their fund holdings.
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