New: “Huge Boost to the Crypto Market: Top Investor Dumps $150M Worth of Coinbase Shares

ARK Invest, run by Cathie Wood, achieved a giant $149 million windfall from selling shares of Coinbase, the largest US cryptocurrency exchange. The company sold over 580,000 COIN shares last week and were sold by three of its exchange-traded funds (ETFs): Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF. The significant sale reduced its holding of COIN to $43 million in ARK. ARK has to reduce market cap in a quick manner, and they linked their past, more eventful days on Feb. 16, Feb. 19, and July 13, 2020. ARK Invest, which actually has shorted the stock before, sold around 510,000 worth of shares. Since ARK Invest and Cathie Wood started selling Coinbase’s stock that had unwound itself from an IRL (-reload) with the NYSE, a drama(era) beyond its conceivable retrieval is deciding to unravel the greater margin of power in time till declines slightly in the midst of an “equilibrium.” However, last week the value of $151 million was offloaded. gaining 80% while in the last month, with the

In a significant move, ARK Invest, managed by Cathie Wood, sold over 580,000 shares of Coinbase, the largest US cryptocurrency exchange, in the week ended March 8. This offload was worth a whopping $149.85 million at Friday’s closing price of $256.62.

The substantial sale was made by three of ARK’s exchange-traded funds (ETFs): Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF). This has reduced ARK’s holding of COIN to $43 million in total.

This is not the first time ARK has sold shares of Coinbase. In fact, the company has been actively reducing its market cap in a quick manner. Previously, in notable instances such as Feb. 16, Feb. 19, and July 13, 2020, ARK has resorted to large sell-offs when an asset surges in value.

ARK Invest has a policy where no individual holding can surpass a 10% weighting of an ETF’s value. Therefore, such large sell-offs become necessary when an asset’s value rises significantly. In the case of Coinbase, the company’s shares have seen an increase of over 80% in value in the last month. This can be attributed to the rally of nearly 50% in Bitcoin‘s (BTC) price during the same period.

However, despite the significant offload, Coinbase still remains a major part of ARK’s ETFs. The company’s weighting across the three ETFs remains comfortably in excess of 10%. This means that more sales from ARK can be expected, particularly after BTC hit a new all-time high above $70,000.

In pre-market trading, Coinbase’s shares are currently up by 5.6% at $271.

It is worth noting that ARK Invest has previously shorted Coinbase’s stock. In the past, the company has sold around 510,000 shares worth of COIN. Since then, the drama surrounding Coinbase’s debut on the NYSE has subsided and the company’s stock has regained its composure. However, last week’s offload worth $151 million marks the largest sale of Coinbase stock by ARK since Feb. 16.

It is clear that ARK Invest is taking a cautious approach towards its investments in Coinbase. This could be due to the volatility in the cryptocurrency market, especially in the price of BTC, which is closely linked to Coinbase’s success.

In conclusion, ARK Invest’s recent offload of COIN shares shows the company’s strategy to maintain a balanced portfolio and avoid any individual holding from accumulating excessive weight. As BTC continues to achieve new highs, it is likely that ARK will continue to sell off shares of Coinbase in order to maintain its ETFs’ equilibrium. This significant move by ARK highlights the importance of maintaining a diverse and well-managed portfolio in the world of cryptocurrency. So, it is no surprise that ARK Invest remains a leading investment manager in the booming field of digital assets.