Ark Investment unloads nearly $43.8 million in cryptocurrency exchange Coinbase (coin) on Monday.
The deal made a similar move last week, with a total of 270,984 coin shares over the past three trading days, worth less than $95 million on Monday based on Monday Closed at $350.49.
Coinbase stock soared to a record $380 on June 26, so it needs to be sold from the Ark. Cathie Wood’s investment management company aims to weigh the funds traded on its exchanges (ETF)Therefore, no individual holds more than 10% of its total value.
This led to a trend in the Ark selling a large number of specific stocks, as their prices gather and get them when they fall.
Ark has coins in its three ETFs: Innovation (sheet)Next generation of Internet (ARKW) And financial technology innovation (ARKF).
Read more: ARK Invest continues to dump Circle stock, buy Robinhood and Coinbase
