Cathie Wood’s ARK Invest Sold Nearly $150M Coinbase Shares Last Week
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell offs necessary when an asset surges in value.
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ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell offs necessary when an asset surges in value.
ARK offloaded Coinbase shares from ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.
ARK sold $34.3 million of shares in the crypto exchange, which is due to report earnings after the U.S. market closes.
While bitcoin’s price is often denominated against fiat currencies, Wood pointed out that even relative to gold, BTC has risen consistently since its early days.
The optimum allocation is up from 0.5% in 2015 and 6.2% in 2022.
ARKW now holds $91.4 million of ARKB, constituting a 5.98% weighting of the fund’s total value.
Cathie Wood’s investment fund continues to double down on its recently listed spot bitcoin ETF.
Data about inflows is still incomplete and market watchers might have to wait until Friday evening for the full picture, Bloomberg analyst Eric Balchunas pointed out.
ARK Invest’s CEO previously predicted the price to reach $1 million by 2030.
Ophelia Snyder says it is impossible to conceptualize the changes in bitcoin trading volumes likely through ETF inflows.