ARK Sells $17.4M Coinbase Stake as Bitcoin Rebounds, Shares Jump 11%
Cathie Wood’s ARK Invest sold 119,236 Coinbase shares across ARKK, ARKW and ARKF, trimming its stake by roughly $17.4 million to weight Coinbase at about 3.7% of ARKK, 3.44% of ARKW and 4.95% of ARKF. Bitcoin’s rebound above $68,000 on Friday propelled Coinbase shares up over 11%, highlighting the stock’s sensitivity to crypto volatility.
1. ARK Invest Trims Coinbase Holdings
ARK Invest sold approximately 119,236 Coinbase shares valued at about $17.4 million across its three flagship ETFs—ARK Innovation (ARKK), ARK Next Generation Internet (ARKW) and ARK Fintech Innovation (ARKF). Following the sale, Coinbase represents 3.7% of ARKK, 3.44% of ARKW and 4.95% of ARKF’s portfolios, down from higher weightings earlier in the week.
2. Crypto Market Dynamics Drive Stock Reaction
Bitcoin rallied from near $60,000 to above $68,000 on Friday, lifting broad crypto-related equity sentiment. Coinbase shares climbed over 11% in response, underscoring the company’s strong correlation with Bitcoin price swings and traders’ appetite for exchange operators amid renewed crypto strength.