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ARK Invest Liquidates Additional $4.2M Worth of Coinbase Holdings
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In a strategic financial move, ARK Invest, under the leadership of Cathie Wood, recently undertook the divestment of a portion of its holdings in Coinbase (COIN), a cryptocurrency exchange platform. COIN constitutes a significant 10.34% share in ARK's Innovation Exchange-Traded Fund (ETF), reflecting a substantial investment valued at over $872.5 million.
This divestment unfolded on Thursday, following the prior day's sale of COIN shares amounting to $25 million. In this latest move, ARK Invest sold an additional 26,743 COIN shares, totaling $4.16 million at the closing price. The closing value of COIN showed a 2.21% increase, concluding at $155.6.
Notably, the final quarter of 2023 witnessed an extraordinary surge in the value of Coinbase stock, marking an impressive growth of over 130%. This surge played a pivotal role in pushing COIN's weighting in ARK's Innovation ETF (ARKK) beyond the initially targeted maximum of 10%. Despite this exceeding threshold, COIN maintains a robust 10.34% share in ARKK, signifying an investment valued at more than $872.5 million. These strategic maneuvers by ARK Invest demonstrate a proactive approach in response to dynamic market conditions and the evolving landscape of the cryptocurrency sector.
Read More: Coinbase Secures Approval: Designated Virtual Asset Services Provider in France
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