- Ark will likely keep revising its weightings in the event that Coinbase’s stock climbs.
- The company ranked Coinbase as the third-biggest position in its ARKK ETF.
Across three of its exchange-traded funds, Ark Invest led by Cathie Wood sold 70,616 shares of Coinbase on Tuesday, for a total of $15.1 million. Recent trade filings show that the investment business headed by Cathie Wood sold 45,915 shares ($9.8 million) from its Innovation ETF (ARKK), 17,755 shares ($3.8 million) from its Next Generation Internet ETF (ARKW), and 6,946 shares ($1.5 million) from its Fintech Innovation ETF (ARKF).
After selling $20.4 million worth of COIN on April 11th, coinciding with a surge in the price of the stock, Ark has not sold a substantial quantity of Coinbase shares for about a month. Having said that, on April 15, it did sell a limited quantity of Coinbase shares, valued at around $824,000, from its ARKW fund.
Diversified Portfolio
According to Ark’s investing philosophy, no one asset should account for more than 10% of an exchange-traded fund’s total holdings. For the sake of diversity, Ark will likely keep revising its weightings in the event that Coinbase’s stock climbs in comparison to its other assets in the funds.
In its most recent filing, the company ranked Coinbase as the third-biggest position in its ARKK ETF, with a weighting of 8.2%. With an 8.2% weighting, Coinbase ranks as the fourth-largest position in ARKW. With a weight of 10.4 percent, Coinbase is now the most heavily weighted position in its ARKF ETF.
The market value of ARKK’s Coinbase holdings is $547 million. As of this writing, the value of ARKW’s COIN weightings is $129 million, while ARKF’s is $105 million. Over the last year, the ARKK, ARKW, and ARKF funds have all seen increases of around 24%, 55%, and 61%, respectively.
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