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Finance

ARK's ETF Rebalancing Continues With $20.6M Coinbase Sale

ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. COIN doubled in price in the last three months of 2023, bringing about consistent sales of the crypto exchange's stock by ARK

By Jamie Crawley
AccessTimeIconJan 8, 2024 at 9:06 a.m. UTC
Updated Mar 8, 2024 at 7:27 p.m. UTC
Coinbase (Alpha Photo/Flickr)
Coinbase (Alpha Photo/Flickr)

ARK Invest sold a further $20.6 million worth of Coinbase (COIN) shares on Friday across three of its exchange-traded funds (ETFs).

Cathie Wood's investment firm offloaded a total of 133,823 COIN shares, which closed last week at $153.98.

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    • ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. COIN more than doubled in price in the last three months of 2023, bringing about consistent sales of the crypto exchange's shares by ARK.

    Its largest weighing of Coinbase stock is in its Innovation ETF (ARKK), which holds over $850 million worth of COIN. The latest offload brings its weighting down to 10.04%, suggesting the sales from ARKK could be coming to an end, notwithstanding another pump in Coinbase's share price.

    ARK's Next Generation Internet (ARKW) and Fintech Innovation (ARKF) ETFs carry fewer Coinbase shares, but their weightings remain higher at 10.37% and 13.41%, respectively.

    Read More: U.S. SEC Seeks to Leverage Terraform Win in Coinbase, Binance Disputes

    Edited by Parikshit Mishra.


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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter
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