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Cathie Wood's ARK Invest Offloads $25M of Coinbase Shares

Cathie Wood's ARK Invest sold over $25 million worth of Coinbase (COIN) shares from two of its exchange-traded funds (ETFs) on Wednesday. The investment firm sold a total of 166,183 COIN shares from its Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW), a value of $25.3 million at the crypto exchange's closing price. Coinbase's Nasdaq-listed shares fell 2.96% to $152.24 on Wednesday as the crypto market's rally halted and bitcoin slumped, partly due to a leverage flush as the market became overheated. ARK's ETFs have a target weighting whereby no individual holding exceeds 10% of the fund's total value.

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