Ark Invest Offloads $12M in Coinbase Shares Amid Portfolio Rebalancing

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Cathie Wood’s Ark Invest sold $12.1 million worth of Coinbase Global (COIN) stock on Thursday, trimming its position in the crypto exchange across two of its ETFs. The move is part of the firm’s ongoing strategy to adjust its exposure to crypto-related assets.

According to its latest disclosure, the ARK Innovation ETF (ARKK) sold 27,614 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) offloaded 2,887 shares.

In addition to Coinbase, Ark reduced holdings in other fintech stocks. ARKK sold 123,169 shares of Block Inc. (SQ), valued at approximately $9.8 million, while ARKW divested 11,262 shares of Robinhood Markets (HOOD), worth around $1.1 million.

The sales come as Ark continues reallocating its crypto investments. Earlier this week, the firm purchased $175 million in shares of Bitmine, a company expanding its Ethereum treasury. Bitmine recently disclosed holding over $1 billion in ETH.