Ark Invest sold 70,616 shares of Coinbase stock for a total of $15.1 million. These shares were distributed among its exchange-traded funds. As for the sale, it took place on May 7.
The move came despite a positive first-quarter earnings report from Coinbase, which showed higher-than-expected revenues and a record rise in institutional trading volume.
The investment company's decision included selling 45,915 shares worth $9.8 million from the ARKK Fund, 17,755 shares worth $3.8 million from the ARKW Fund, and 6,946 shares worth $1.5 million from the ARKF Fund.
The decision by Ark Invest came perhaps due to other matters and factors beyond the financial success of Coinbase, which made it take such a decision.
Coinbase shares rank as the third largest holding in the ARKK ETF, making up 8.2% of the portfolio, lagging behind Tesla and Roku.
Posted using Tribaldex Blog