ARK Invest Sells $20.6M in Coinbase Shares: Profit-Taking or Portfolio Shift?

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Jan 8, 2024 16:43

ARK Invest has sold an additional $20.6 million worth of Coinbase shares across three of its exchange-traded funds (ETFs). The company divested a total of 133,823 COIN shares, with each share closing at $153.98 last week. This action follows Coinbase’s stock more than doubling in price during the final quarter of 2023, leading ARK to consistently sell shares of the cryptocurrency exchange. ARK Invest’s largest holding of Coinbase stock is in its Innovation ETF (ARKK), which currently boasts over $850 million worth of COIN.