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ARK Invest is divesting another $20.6 million worth of Coinbase shares

Market and Events: ARK Invest is divesting another $20.6 million worth of Coinbase shares

ARK Invest, a prominent investment company, recently divested $20.6 million worth of Coinbase (COIN) shares across its three exchange-traded funds (ETFs).

This strategic move aimed to maintain a balanced portfolio and prevent any individual stock from exceeding 10% of the ETF's total value.

On January 5, Katie Wood Investment Company, a subsidiary of ARK Invest, sold a significant portion of Coinbase shares. The Innovation ETF acquired 107,151 shares, valued at $16.5 million. The Next Generation Internet ETF purchased 15,892 shares, amounting to $2.4 million. Additionally, the Fintech Innovation ETF obtained 10,780 shares, worth $1.7 million.

These recent sales complement ARK Invest's previous divestments. In December, they sold $25.3 million worth of COIN shares on December 3 and an additional $4.1 million on December 4. Consequently, ARK Invest's total sales of Coinbase shares reached an impressive $50 million, despite the stock experiencing a 10% decline.

The ARKK fund, which holds over $850 million in COIN, constitutes the majority of ARK's investment in Coinbase. However, the recent divestments have reduced ARKK's stake in COIN to 10.04%. This suggests that ARK Invest may halt further sales from this ETF unless there is a significant surge in Coinbase's share price.

While ARKW and ARKF hold smaller stakes in Coinbase, their weightings are slightly higher at 10.37% and 13.41%, respectively. This diversification strategy ensures a balanced distribution of investments across ARK Invest's ETFs.

ARK Invest's commitment to portfolio rebalancing was evident in December when they sold $200 million worth of Coinbase shares following a substantial 40% increase in COIN's price.

As of the market close on Friday, Coinbase shares were trading at $153.98, reflecting a marginal 1% decline for the day. However, it is worth noting that the stock has experienced a remarkable 350% growth over the past year. Despite this impressive performance, it remains 55% below its all-time high of $342.98, which was reached during the peak of the cryptocurrency market in November 2021.

#ARK Invest's strategic divestments of #Coinbase shares across its ETFs demonstrate their commitment to maintaining a balanced portfolio and managing risk. These actions aim to ensure the long-term stability and growth of their investments while adapting to market conditions.

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