ARK Invest Sells $8.64M Coinbase Stake After Crypto Exchange’s Shares Rally to Record

ARK Invest sold $8.64 million worth of Coinbase (COIN) shares late last week as the crypto exchange’s shares pumped to record highs.

Cathie Wood’s investment management firm offloaded 5,596 COIN shares from its Next Generation Internet ETF (ARKW) on Friday, worth $2.17 million based on the closing price of $387.06. That followed Thursday’s sale of 16,627 shares, worth $6.47 million as of the day’s close, from ARK’s Innovation ETF (ARKK).

COIN touched a record high above $395 during Friday trading as bitcoin ascended to an all-time high of around $118,000.

Rallies in particular shares often prompt sizeable sales from ARK, which has a target weighting of no particular holding exceeding 10% of an ETF’s total value.

COIN is priced at $393.50 in pre-market trading at the time of writing, 1.66% higher than its Friday closing price, as BTC’s surge extended to claim a new all-time high above $122,000.