ARK Invest's flagship fund ARKK sells Coinbase after a year! Coinbase stock hits bottom and rebounds by 165%

Ark Innovation ETF ARKK, under the management of the renowned investor Cathie Wood, started investing in Coinbase stock COIN since April 2021, despite Coinbase's stock price continuously dropping last year. However, just yesterday, ARKK reduced its holdings in Coinbase stock after nearly a year of holding onto it.

ARKK Ark Invest Fund Sells Coinbase Shares After Long Absence

According to data compiled by Ark Invest Daily Trades, Ark sold a total of 135,152 shares of Coinbase stock this time, accounting for only 0.14% of ARKK. The last time ARKK reduced its holdings can be traced back to 7/26 last year.

According to reports today, the Chicago Board Options Exchange (Cboe) has submitted amendments for 5 Bitcoin ETFs, stating that they have reached agreement terms with Coinbase to sign a monitoring sharing agreement. As a result, Coinbase's stock price has risen, with a nearly 10% increase after yesterday's opening, and a 165% increase since the beginning of this year.

Perhaps for this reason, Ark chose to sell some of its stocks at an appropriate time, with ARKK already up 51% year-to-date.

Ark Still a Major Shareholder of Coinbase

Despite the long absence of selling by ARKK, three funds under Ark, ARKK, ARKF, and ARKW, still hold a significant amount of Coinbase stock. According to data from Cathie's Ark website, Ark currently holds approximately 11 million shares, making it the fourth largest shareholder of Coinbase.

However, the average purchase price is still above $200, a significant gap from the current $89.15, making it unlikely for Ark to continue selling a large amount of Coinbase stock in the near future.