ARK Invest Sells $8.64M in Coinbase Shares as Stock Hits Record Highs

Coinbase (COIN) surged to record levels above $395 on Friday, fueled by bitcoin’s explosive rise to a new all-time high near $118,000.

Seizing the opportunity, ARK Invest, the firm led by Cathie Wood, sold approximately $8.64 million worth of Coinbase stock late last week as the crypto exchange’s rally accelerated.

On Friday, ARK’s Next Generation Internet ETF (ARKW) unloaded 5,596 COIN shares, valued at about $2.17 million based on Friday’s closing price of $387.06. That followed Thursday’s sale of 16,627 shares from the ARK Innovation ETF (ARKK), worth roughly $6.47 million at that day’s close.

COIN briefly hit an all-time high above $395 during Friday’s session, riding bitcoin’s surge to new heights.

ARK Invest often trims positions when individual holdings grow too large relative to its ETFs, aiming to prevent any single stock from exceeding 10% of a fund’s total assets.

At the time of writing, Coinbase shares were trading at $393.50 in pre-market activity, up 1.66% from Friday’s close, as bitcoin’s rally continued and pushed the flagship cryptocurrency above $122,000 for another fresh record.