Ark Invest sold $13.3 million of Coinbase shares and $8.7 million of Bitcoin ETF yesterday

PANews reported on July 16 that according to The Block, Cathie Wood's Ark Invest sold 34,207 shares of Coinbase from its ARKW fund on July 15, worth approximately US$13.3 million. It also sold a spot Bitcoin ETF worth US$8.7 million after both assets hit record highs.

Ark Invest's investment strategy is to not let any single holding account for more than 10% of the fund's portfolio. According to the company's latest disclosure, as of July 15, COIN is currently the second largest holding in its ARKW fund, with a weight of 7.9% and a value of approximately $172.8 million. Robinhood is the largest holding in the ARKW fund, accounting for 8% of the fund and worth $175.5 million.