Ark Invest sells $69M Worth Coinbase Shares

Cathie Wood’s ARK Invest has made a significant move and sold over 270,000 shares of Coinbase amounting to $69.5 million. Ark Invest has a strategic portfolio management across ETFs of no individual holding should exceed 10% weighting of ETFs value. Hence when a particular asset has a surge, Ark Invest sells it off to balance out. Notably, Coinbase has surged by 80% in the last month. Despite the huge sell-off, Coinbase’s weighting across ARK’s ETFs remains above the 10% threshold, signifying potential sales further.