Ark Invest Continues Rebalancing, Offloads $6.4 Million Worth of Coinbase Shares

Ark Invest offloaded 25,662 Coinbase COIN shares across two of its exchange-traded funds on Thursday, according to the company's latest trade filing. The investment firm sold 22,690 shares ($5.7 million) from its Innovation ETF ARKK and 2,972 shares ($742,000) from its Next Generation Internet ETF ARKW. The $6.4 million worth of COIN Ark offloaded yesterday represents its first major Coinbase share sales since it offloaded $21 million worth of the stock on March 26. 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 rise compared to other holdings.

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