Ark Invest sells $12M in Coinbase stock, $9.8M in Block Inc. shares amid crypto rebalancing
Quick Take
- Ark Invest sold a total of 30,051 Coinbase shares across two of its ETFs on Thursday.
- It also offloaded $9.8 million worth of Block Inc. shares and $1.1 million worth of Robinhood Markets shares.
Cathie Wood's Ark Invest sold $12.1 million worth of Coinbase Global shares across two of its exchange-traded funds on Thursday, as it continues to rebalance its exposure to crypto-related stock.
In its latest trading disclosure, Ark noted that the ARK Innovation ETF (ARKK) sold 27,614 shares of Coinbase on Thursday, and the ARK Next Generation Internet ETF (ARKW) shed 2,887 Coinbase shares.
ARKK also dumped 123,169 Block Inc. shares, worth about $9.8 million based on Thursday's closing price. ARKW sold 11,262 shares of Robinhood Markets, valued at around $1.1 million.
Ark Invest has actively adjusted its crypto-related holdings. Earlier this week, the firm acquired $175 million worth of Bitmine shares across several of its ETFs. Bitmine, which has been expanding its Ethereum treasury, announced last week that it holds over $1 billion worth of ETH.
Coinbase's stock closed down 0.28% at $396.7 on Thursday, while Block Inc. edged 0.09% lower to $79.77, according to Yahoo Finance data. Robinhood Markets slipped 0.15% to close at $101.93.
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