Cathie Wood's ARK Invest Sells Most Coinbase Shares Since July as Price Rises

ARK has been consistently selling Coinbase stock in recent weeks. Friday's is the largest sale since July, when it sold 480,000 shares worth $50.5 million at the time.

AccessTimeIconDec 11, 2023 at 9:47 a.m. UTC
Updated Mar 8, 2024 at 6:30 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cathie Wood's ARK Invest sold another 335,860 shares in cryptocurrency exchange Coinbase (COIN) on Friday, its largest sale since July.

ARK offloaded COIN shares across three exchange-traded funds (ETFs). The bulk came from the Innovation ETF (ARKK). The sale would have raised $49.2 million at Coinbase's closing price.

The St. Petersburg, FL-based investment manager has been making consistent sales of Coinbase stock in recent weeks as the exchange's shares have appreciated alongside bitcoin's rally. Friday's is the largest since July, when it sold 480,000 shares worth $50.5 million at the time.

ARK adopts a target weighting for its ETFs, where individual composite holdings' weightings don't dip below 2% of the value of the fund nor exceed 10%. The recent rally in COIN stock, which has reached highs not seen since April 2022, means its weighting in the three ETFs has been comfortably in excess of 10%.

Even with the recent sales, COIN accounts for more than 11% of ARKK and the Next Generation ETF (ARKW) and over 13% of the Fintech Innovation ETF (ARKF).

COIN closed on Friday at $146.62, up 7.66% on the day.

ARK also sold 102,672 shares in Grayscale Bitcoin Trust (GBTC), worth around $3.6 million. GBTC accounts for 8.33% of ARKW.

UPDATE (Dec. 11, 10:04 UTC): Rewrites headline.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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; 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 is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.