Ark Invest, led by renowned investor Cathie Wood, sold a total of $90.58 million in Coinbase (COIN) shares. The sale, which was conducted through the company's three different exchange-traded funds (ETFs), came just after Coinbase shares hit an all-time high above $437. Coinbase Sale Conducted in Three Funds: ARK Innovation ETF (ARKK): Sold 174,746 COIN shares ARK Next Generation Internet ETF (ARKW): Sold 27,663 shares ARK Fintech Innovation ETF (ARKF): Sold 16,577 shares Coinbase shares soared after the U.S. House of Representatives approved a bill that provides a comprehensive regulatory framework for stablecoins and the digital asset industry. The company's mobile app also cracked the top 100 apps on the Apple App Store after a long hiatus. Ark Invest didn't just focus on Coinbase. The ARKW fund sold 109,824 shares of Robinhood, generating $11.46 million. On the same day, Robinhood shares fell 4.92% to $104.34. Separately, the ARKF fund raised $7 million by selling 90,061 shares of payments technology company Block Inc. Block shares closed the day up 7.22% at $78.08. In addition to these sales, Ark Invest also purchased 2.93 million shares of Bitmine Immersion Technologies (BMNR), a company known for its Ethereum treasury. This investment is worth $116 million, and Bitmine has over 300,000 ETH on its balance sheet. Ark Invest maintains a strategy of holding no more than 10% of any fund's portfolio in a single stock. Therefore, it aims to maintain portfolio balance by selling in appreciated stocks. This approach fosters a more diversified investment structure that is more resilient to market volatility. *This is not investment advice. Continue Reading: Investment Firm Ark Invest Sells Again During the Uptrend! Reduces Coinbase Shares! Here's Its New Stock Purchase!
