COIN

Bitcoin ETF

Ark Invest, the investment management firm led by Cathie Wood, recently sold 12,077 shares of Coinbase (COIN), valued at approximately $2.7 million. This move is part of the firm’s ongoing strategy to rebalance its fund weightings, ensuring a diversified and optimized portfolio. 
<h2 id="b-ark-invest-continues-to-adjust-its-investments-b">Ark Invest Continues to Adjust its Investments</h2> 
The decision to sell Coinbase shares comes amid Ark’s strategy of guaranteeing no individual holding occupies more than 10% of an ETF’s portfolio. This prevents overexposure to specific assets. This means Ark Invest is likely to adjust its investments if the value of COIN increases compared to the value of Ark’s other holdings in the fund. 
According to the latest disclosure, COIN is the fourth-largest holding in the ARKW ETF, making up 7.3% of the latest disclosure. This puts COIN behind Ark Spot Bitcoin ETF (ARKB), Tesla, and Roku, with 11%, 10%, and 8.4% of the ETF, respectively. Meanwhile, ARKW’s holdings in Coinbase are valued at $102.4 million, and ARKW has seen a 33% increase over the past year. 
Meanwhile, Coinbase shares closed at $224.26 on July 31, up 30% year-to-date, according to <a href="https://www.tradingview.com/symbols/NASDAQ-COIN/">TradingView.</a> 
<h2 id="b-ark-invest-sells-its-bitcoin-etf-shares-b">Ark Invest Sells its Bitcoin ETF Shares</h2> 
Just recently, the investment firm <a href="https://thecoinrise.com/ark-invest-sells-7-76m-worth-of-arkb-bitcoin-etf-shares/">sold 118,209 shares of its ARKB Spot Bitcoin</a> (BTC) Exchange-Traded Fund (ETF), valued at $7.76 million, from its Next generation Internet ETF (ARKW). The decision to sell these shares is part of Ark Invest’s strategic move to rebalance its fund weightings. 
As of July 24, ARKB is the largest holding in the ARKW ETF, making up 10.98% of the portfolio. This puts ARKB ahead of Tesla, Roku, and Coinbase, with 9.5%, 8.48%, and 8.23% of the ETF, respectively. Meanwhile, ARKW’s holdings in ARKB are valued at $162.5 million, and the spot Bitcoin ETF has seen a 31% increase since its inception. Likewise, the ARKW fund has gained 33% over the past year. 
<h2 id="b-ark-venture-fund-invest-in-openai-b">Ark Venture Fund Invest in OpenAI</h2> 
Ark Invest offloaded $20.4 million of Coinbase shares while <a href="https://thecoinrise.com/ark-invest-diversifies-portfolio-dumps-20m-in-coinbase-invests-in-openai/">adding OpenAI to its Venture Fund </a>simultaneously in April. Interestingly, Ark’s venture fund is investing in OpenAI for the first time.&nbsp; 
Ark Invest explained the decision in a letter to its clients. “OpenAI is at the forefront of a Cambrian explosion in artificial intelligence (AI) capability, and launching the first major consumer application of generative AI, ChatGPT, which is the fastest application in history to grow to 100 million active users,” Ark Invest wrote. 
Cathie Wood stated that investors are exploring different options as some are now <a href="https://thecoinrise.com/investors-are-moving-to-bitcoin-from-gold-ark-invest-ceo/">switching to Bitcoin from gold due to ETF</a>. However, the recent shift to AI signaled that Ark is taking a bullish outlook on the potential of AI technology to drive innovation across various industries. Analysts say AI technology holds prospects in the financial market and is a good pick for investors looking to diversify. 
The post <a href="https://thecoinrise.com/cathie-woods-ark-invest-offloads-2-7m-coinbase-shares/">Cathie Wood’s Ark Invest Offloads $2.7M Coinbase Shares</a> appeared first on <a href="https://thecoinrise.com">TheCoinrise.com</a>.

Cathie Wood’s Ark Invest Offloads $2.7M Coinbase Shares

Table of Contents

TheCoinrise Media

Other articles published on Aug 1, 2024

Streamlining Project Deployment in the Blockchain Industry in 2024

Grayscale Launches Bitcoin Mini Trust ETF on NYSE Arca, Expanding Bitcoin Investment Accessibility

70% of Binance Traders Long On BTC, Exhibit Bullish Attitude

Bitcoin Set for Potential Surge Amid Increased Activity and Exchange Outflows

WienerAI Pre-sale Ends Tomorrow: AI Meets Meme Coins

Backlash as WazirX ‘socializes’ $235M loss, $10B metaverse plan for shut-ins: Asia Express

Join our free newsletter for daily crypto updates!