Cathie Wood’s Ark Invest sold $69M Coinbase (COIN) Share
Highlights
- Cathie Wood's ARK Invest sells over 270,000 shares of Coinbase, amounting to $69.5 million.
- ARK's strategic portfolio rebalancing drives the sell-off as Coinbase shares surge amid crypto market volatility.
- Market responds with a 5.77% increase in Coinbase's pre-market trading, highlighting investor sentiment and ongoing market dynamics.
In hours past, Cathie Wood’s ARK Invest made a significant move in the cryptocurrency market by selling off over 270,000 shares of Coinbase (COIN). This divestment amounted to a substantial $69.5 million at the closing price of $256.62 per share on Monday, March 11.
ARK Invest’s Strategy and Coinbase’s Performance
ARK Invest operates with a strategic vision aimed at maintaining a balanced portfolio across its ETFs, with no individual holding exceeding a 10% weighting of an ETF’s value. As a result, when the value of a particular asset experiences a surge, ARK Invest engages in substantial sell-offs to rebalance its holdings. In the case of Coinbase, the cryptocurrency exchange has witnessed a remarkable increase in its share value, soaring by over 80% in the past month alone.
This surge can be primarily attributed to a nearly 50% rally in the price of bitcoin (BTC) during the same period. Despite the significant sell-off conducted by ARK Invest, Coinbase’s weighting across ARK’s three ETFs remains comfortably above the 10% threshold. This suggests the potential for further sales, especially considering BTC’s recent achievement of a new all-time high, surpassing the $72,000 mark.
Notably, this sale was spread across three of ARK’s prominent exchange-traded funds (ETFs), ranging from the Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF). This action stands out as the largest offload of Coinbase stock by ARK Invest since February 16, when a total of $151 million worth of shares were divested.
Also Read: CoinShares Acquires Valkyrie Bitcoin ETF To Strengthen US Presence
Market Response and Coinbase’s Current Performance
Following ARK Invest’s divestment actions, the market response to Coinbase’s performance has been closely watched. In pre-market trading, Coinbase is currently showing a 5.77% increase, trading at $256.62 per share. This uptick in share price reflects investor sentiment and response to ARK Invest’s recent sell-off.
Moreover, it mirrors the overall performance of the cryptocurrency market, which has been subject to volatility and fluctuations. As the cryptocurrency market continues to evolve, an in-depth analysis of the market’s reaction and its potential implications for both ARK Invest and Coinbase shareholders is essential. This ongoing evaluation is crucial for understanding the dynamics of the cryptocurrency landscape and navigating future investment strategies effectively.
Read More: Binance Unveils Key Update For XRP, WIF, FLOKI, NEAR, GRT
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
