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Cathie Wood’s Ark Invest has once again reduced its holdings in Coinbase (COIN), amid a volatile market environment. The recent offloading of shares coincided with a surge in COIN stock past $240 on Monday, July 15, following an 11% rally.
Ark Invest’s Coinbase Share Dump
On July 15, Ark Invest sold 1,895 COIN shares, valued at over $460,000. This sale followed a previous offloading of 2,046 shares worth nearly $450,000 just days earlier. Despite the recent rally in COIN stock, Ark Invest’s decision to sell indicates a strategy to capitalize on the profits amid market volatility.
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This move by Ark Invest contributed to a dip in COIN stock price in the pre-market session. As of press time, Coinbase stock dropped 1.98% to $239, after closing at $242.85 on Monday, reflecting an 11.39% surge.
Coinbase remains a significant holding in Ark Fintech Innovation ETF (ARKF), comprising 11.04% of the fund’s portfolio with a value exceeding $100 million. Ark Invest’s proactive portfolio management strategy continues to reflect adjustments based on evolving market conditions.
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