ARK Sells $52M of Coinbase Shares as COIN Soars Above $270

ARK Invest, one of the issuers of a Bitcoin exchange-traded fund (ETF) in the United States, has decided to sell some of its Coinbase shares as the stock price rises above $270. The investment firm, founded by Cathie Wood, sold 199,526 shares of Coinbase on March 21, with the sale totaling approximately $52.3 million. This move comes as Coinbase stock continues to experience stable growth, reaching over $270 for the first time since December 2021.

The latest sale from ARK Invest is significant, as it is one of the largest sales of Coinbase shares so far in 2024. In March alone, the investment firm has sold a substantial number of shares, including 270,365 shares on March 11 and 499,149 shares on February 16. These sales have been part of ARK’s ongoing strategy to divest from Coinbase, as it had bought a large number of shares when the stock made its debut in 2021.

In addition to selling shares of Coinbase, ARK Invest has also been selling shares of Block, a Bitcoin-focused fintech firm founded by Jack Dorsey, the co-founder of Twitter (now known as X). On March 21, ARK sold 188,519 Block shares, netting approximately $15.8 million. The investment firm sold 93,002 shares of Robinhood worth around $2 million. This sale was made to comply with Rule 12d3-1, which prohibits ETFs from acquiring more than 5% of the value of its total assets in certain securities.

ARK Invest’s decision to sell some of its Coinbase, Block, and Robinhood shares reflects its ongoing strategy to rebalance its portfolio and comply with regulations. The sales of these shares have allowed the investment firm to take profits as the stock prices rise, potentially capitalizing on the growth of these companies in the market.