Ark sells the most Coinbase shares since July | CoinDesk JAPAN

Cathie Wood’s ARK Invest sold 335,860 shares of cryptocurrency exchange Coinbase on December 8th.

Ark sold Coinbase stock in three exchange-traded funds (ETFs). The bulk of that was the Innovation ETF (ARKK). As a result, as of Friday’s closing price, the company had earned $49.2 million (approximately 7.134 billion yen, equivalent to 1 dollar = 145 yen).

The St. Petersburg, Florida-based investment firm has been selling shares in Coinbase in recent weeks as the company’s stock price has risen along with the rise in Bitcoin (BTC). Friday’s sale was the company’s largest since July, when it sold 480,000 shares worth $50.5 million at the time.

Ark sets target weights for the ETF, ensuring that the weight of any individual stock is no less than 2% and no more than 10% of the fund’s value. The recent rally in Coinbase stock has reached its highest since April 2022, with Coinbase stock’s weight in three ETFs exceeding 10%.

Even accounting for recent sales, Coinbase stock still accounts for more than 11% of the Innovation ETF (ARKK) and Next Generation ETF (ARKW), and more than 13% of the FinTech Innovation ETF (ARKF).

Coinbase’s closing price on December 8th was $146.62, an increase of 7.66% on the day.

Ark also sold 102,672 units of Grayscale Bitcoin Trust (GBTC), valued at approximately $3.6 million or approximately 522 million yen. GBTC accounts for 8.33% of ARKW.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Cathie Wood’s ARK Invest Sells Most Coinbase Shares Since July as Price Rises