Ark Invest Adds 17,386 More Coinbase Stock after System Upgrade Announcement

For the second time in less than one week, Cathie Wood’s Ark Invest has acquired more Coinbase (COIN) stock across its Exchange Traded Funds (ETFs). The asset management firm placed the bet on Coinbase, which recently unveiled a system upgrade earlier this week.

Ark Invest Conducts Routine Portfolio Rebalancing

Ark Invest’s latest acquisition of 17,386 Coinbase shares was worth approximately $4.2 million. 

The stocks were distributed across three of its funds, with 12,081 Coinbase shares, equivalent to $2.9 million, sent to its Ark Innovation ETF (ARKK). Also, Ark Next Generation Internet ETF (ARKW) received 3,495 shares ($836,000) while Ark Fintech Innovation ETF (ARKF) got 1,810 shares ($433,000).

On Dec. 15, Ark Invest bought $60 million in crypto stock with major investments in Coinbase, Circle (CRCL), and Bullish (BLSH).

Precisely, it acquired 64,946 COIN shares with an approximate investment of $16.3 million. This coincided with the day that COIN stock corrected over 6%, suggesting that Ark Invest was intentionally buying the dip. 

Back in July, when it carried out this routine rebalancing of its financial portfolio, Ark Invest offloaded some shares of Coinbase and Block Inc. (XYZ). The firm literally sold Coinbase shares worth approximately $12.1 million from ARKK and ARKW. 

Coinbase Stock’s Position Across Ark Invest’s Funds

Choosing to buy or dump any stock is an Ark Invest custom following a routine portfolio rebalancing and diversification. 

The goal is that none of these assets is meant to take up more than 10% of any of the fund’s portfolio. Presently, COIN is the fourth-largest holding within its ARKK fund, with a weighting of 5.3%, which is worth roughly $388.5 million. 

In the ARKW fund, it is the seventh-largest holding, with a weighting of 4.7% ($102 million), but the second-largest in ARKF, with a weighting of 5.9% ($66.2 million). 

Moreso, the firm is likely to continue buying and offloading COIN to rebalance its weighting for as long as the price of the stock continues to rise and fall.  

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