Ark Invest sells another $21 million worth of Coinbase shares as price jumps 10%

Ark Invest offloaded 74,291 Coinbase shares — worth $20.8 million — across three exchange-traded funds on Monday, according to the company’s latest trade filing.

The Cathie Wood-led investment firm sold 57,652 shares ($16.1 million) from its Innovation ETF (ARKK), 12,544 shares ($3.5 million) from its Next Generation Internet ETF (ARKW) and 4,095 shares ($1.2 million) from its Fintech Innovation ETF (ARKF).

Ark’s latest offloading follows more than $100 million worth of Coinbase shares it sold last week as the price of COIN returned to fresh yearly highs .

Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF's portfolio to maintain diversification within its funds — meaning it is likely to continue rebalancing its fund weightings if Coinbase’s stock price continues to surge.

According to the firm's latest disclosures, Coinbase remains the largest holding within its ARKK , ARKW and ARKF ETFs — with current weightings at 10.6%, 10.9% and 12.7%, respectively.

ARKK’s Coinbase holdings have a market value of $826.6 million, with ARKW and ARKF’s COIN weightings valued at $188.9 million and $147.9 million at current prices. Overall, the ARKK, ARKW and ARKF funds are up 29.5%, 58.2% and 59.5% over the past year, respectively.

Ark Invest also sold $7.9 million worth of shares in Jack Dorsey’s Block and $31.5 million worth of Robinhood stock on Monday.

Coinbase share price rallies 10% as bitcoin bounces back above $70,000

Coinbase stock traded for $279.71 at market close on Monday. COIN gained nearly 10% for the day and is up more than 25% over the past week and 61% year-to-date, according to TradingView.

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Coinbase shares are trading at the highest level since November 2021, now just 18% down from an all-time high of $342.98 set in the same month.

COIN/USD price chart. Image: TradingView .

Coinbase shares rallied despite U.S. stocks drifting lower on Monday. The crypto exchange's prospects have advanced in sync with the broader cryptocurrency market this year, with yesterday’s rise coinciding with bitcoin breaking back above the $70,000 mark.

Bitcoin BTC +5.64% is currently trading at $71,139 — up 6% over the last 24 hours and 10% over the past week, according to The Block’s price page . 

BTC/USD price chart. Image: The Block/TradingView .

The latest rise is also reflected across the broader crypto market, with the GMCI 30 index — representing the top 30 cryptocurrencies by market cap — gaining 5% during the past 24 hours to reach 158.16.