Cathie Wood Seizes Gains by Selling Shares of Coinbase Across Three ARK ETFs

Ark Invest's Cathie Wood has strategically secured profits by selling a substantial number of shares from Coinbase Global (COIN) in a recent move affecting three different ETFs. This action comes as part of the investment firm's ongoing portfolio management activities and reflects Wood's savvy approach to capitalizing on market opportunities. Over Monday and Tuesday, a total of 376,365 COIN shares were sold from the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).

Detailed Breakdown of the Trades

Dissecting the sales across the respective funds, ARKK parted ways with 237,541 shares while ARKW and ARKF shed 32,371 and 106,453 shares, respectively. These moves indicate a significant but calculated reduction in Coinbase exposure. Wood, who remains a vocal advocate for cryptocurrencies, has emphasized the potential of Bitcoin, predicting its value could soar to $1 million by 2030. The ARK ETFs have prominently featured Coinbase Global as a leading investment, consistently prioritizing it within their diverse portfolios.

Significant Weight in ARK ETF Portfolios

Indeed, Coinbase takes up more than a 10% share in each of these three ETFs. Specifically, ARKK allocates 10.87% to COIN, ARKW extends 12.09%, and ARKF weighs in with 12.37%. This substantial investment reflects Ark Invest’s commitment to the cryptocurrency marketplace, evidenced by COIN's prominent position within these funds. Moreover, across the realm of exchange traded funds, ARKK, ARKW, and ARKF are among the top ETF shareholders of COIN, with ARKF as the fifth, ARKK as the seventh, and ARKW as the eighth-highest holders according to ETF.com data.

Performance Snapshot

The trade activities coincide with an observed year-to-date (YTD) performance review. ARKK reports a negative 4.1% YTD while ARKW and ARKF have made gains with 8.7% and 8.2% YTD, respectively. In a stark contrast, COIN itself has experienced an impressive 47.2% surge YTD. Meanwhile, Bitcoin has outperformed many assets, boasting a 65.1% YTD increase, underscoring the investment community’s heightened interest and confidence in cryptocurrencies in general.

ArkInvest, CathieWood, Coinbase