ARK Invest sold $49.2 million worth of Coinbase shares last Friday, marking the largest sale since July

ChainCatcher news, Cathie Wood's ARK Invest sold approximately $49.2 million worth of Coinbase (COIN) stock last Friday, marking the largest sale since July. In recent weeks, as Coinbase's stock price rose and Bitcoin's price rebounded, ARK has been continuously selling Coinbase shares. In July, ARK sold 480,000 shares, valued at about $50.5 million at the time, which was the largest transaction prior to this one.

ARK's ETFs use a target weight allocation to ensure that the weight of individual constituent assets is no less than 2% and no more than 10% of the fund's value. Recently, COIN's stock price surged to its highest point since April 2022, causing its weight in the three ETFs to exceed 10%. Even after the recent sale, COIN still accounts for over 11% of ARKK and the next generation ETF (ARKW), as well as over 13% of the fintech innovation ETF (ARKF).

Last Friday, COIN closed at $146.62 per share, up 7.66% for the day. ARK also sold approximately $3.6 million worth of 102,672 shares of Grayscale Bitcoin Trust (GBTC), which accounts for 8.33% of ARKW.