Crypto:
30188
Bitcoin:
$69.650
% 4.51
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.650
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Cathie Wood’s Ark Invest Revealed Its Coinbase Sale

Ark Invest

Cathie Wood’s ARK Invest announced that it is selling Coinbase shares as the price of Bitcoin rises. Over the past week, Cathie Wood’s ARK Invest announced that it sold approximately $150 million worth of Coinbase (COIN) shares.

The sale is part of ARK‘s strategy to build balanced portfolios across exchange-traded funds (ETFs) and avoid individual holdings that exceed 10% of an ETF’s value. The COIN shares sold at Friday’s closing price of $256.62, representing a significant divestiture of $149.85 million.

This sale stands out as the most significant disposition of Coinbase shares by ARK Invest and highlights the second-highest weekly total transaction size since July 2023. ARK Invest’s diversified portfolio strategy may call for such large-scale sales in situations where assets have appreciated significantly.

The surge in Coinbase’s share price, along with the significant rise in the price of Bitcoin, is prompting ARK to rebalance its holdings. Last month, Coinbase shares appreciated by over 80%, reflecting the nearly 50% rise in the price of Bitcoin over the same period.

COIN’s weighting in ARK’s ETFs is above the 10% threshold, raising expectations for further sales from ARK, especially with Bitcoin hitting an all-time high above $70,000.


You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

Rate this post
READ:  What is JasmyCoin (JASMY)? Where can we buy it?

Leave a Reply

Your email address will not be published. Required fields are marked *