Ark Invest Sells Coinbase and Block Shares Worth Over $21 Million
ARK Invest has rebalanced its portfolio, selling shares of Coinbase and Block Inc. as part of its strategy to manage exposure to crypto assets.
- On July 24, ARK sold approximately $12.1 million in Coinbase shares from its ETFs.
- A total of 27,614 Coinbase shares were sold from the ARK Innovation ETF (ARKK) and 2,887 from the ARK Next Generation Internet ETF (ARKW).
- ARK also sold 123,169 Block Inc. shares from ARKK, valued at $9.8 million.
- Additionally, ARKW sold 11,262 Robinhood shares, worth about $1.1 million.
These sales align with ARK's policy to keep individual holdings below 10% in its funds. This marks another round of adjustments following previous sales of Coinbase, Robinhood, and Block Inc. shares.
In contrast, ARK recently invested $175 million in Bitmine shares across its ETFs and previously acquired 140,000 shares of eToro for about $9.4 million. The firm is known for investing in newly listed companies, having been an early investor in Coinbase and Circle during their IPOs.