According to CoinDesk: Cathie Wood's ARK Invest has reportedly sold an additional $4.16 million worth of its Coinbase (COIN) shares from the ARK Innovation ETF (ARKK). The latest offload follows a significant sale of $25 million worth of COIN shares on Wednesday.
Despite the sale, COIN still makes up a substantial 10.34% stake of ARKK, amounting to over $872.5 million. This percentage exceeds the fund's targeted maximum COIN weighting of 10%.
The sell-off comes after Coinbase's stock had a remarkable rally in the last three months of 2023, recording a price surge of over 130%. This rally was responsible for taking the COIN weighting in ARKK above the fund's target maximum.
While ARK Invest has trimmed its holdings, COIN closed with a gain of 2.21%, with its stock price standing at $155.6.
