Ark Invest Reduces Coinbase Stake by $90.58 Million, Also Sells Robinhood and Block Holdings

Planet Daily News: Cathie Wood's investment firm Ark Invest sold a total of 218,986 Coinbase shares (COIN) on Monday, with a total value of approximately $90.58 million, involving three of its ETF products: ARKK sold 174,746 shares, ARKW sold 27,663 shares, and ARKF sold 16,577 shares. This divestment occurred after Coinbase's stock price reached a historical high last Friday (over $437), when the U.S. House of Representatives passed legislation regarding stablecoin and digital asset regulatory frameworks. Additionally, ARKW sold 109,824 Robinhood shares (valued at $11.46 million), and ARKF sold 90,061 Block shares (valued at $7 million). Ark Invest consistently follows a strategy of not exceeding 10% of a single stock in its fund portfolio, thus regularly rebalancing positions based on asset price fluctuations. (The Block)