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Cathie Wood's ARK Invest Sells Most Coinbase Shares Since July as Price Rises

Cathie Wood's ARK Invest sold another 335,860 shares in cryptocurrency exchange Coinbase (COIN) on Friday, its largest sale since July. ARK offloaded COIN shares across three exchange-traded funds (ETFs). The bulk came from the Innovation ETF (ARKK). The sale would have raised $49.2 million at Coinbase's closing price. The St. Petersburg, FL-based investment manager has been making consistent sales of Coinbase stock in recent weeks as the exchange's shares have appreciated alongside bitcoin's rally. ARK adopts a target weighting for its ETFs, where individual composite holdings' weightings don't dip below 2% of the value of the fund nor exceed 10%.

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