Ark Invest takes profit on Coinbase shares after hitting a new peak

The investment company Ark Invest, led by Cathie Wood, sold 218,986 shares of Coinbase (COIN) worth $90.58 million on Monday, distributed across its three ETF funds.

Specifically:

• Ark Innovation ETF (ARKK) has sold 174,746 shares of COIN
• Ark Next Generation Internet ETF (ARKW) sold 27.663 shares
• ARK Fintech Innovation ETF (ARKF) sell 16.577 shares

The profit-taking move came right after Coinbase's stock price hit an all-time high of over 437 USD last Friday, thanks to the U.S. House of Representatives passing a historic bill aimed at establishing a federal legal framework for stablecoins and the digital asset industry.

Additionally, the Coinbase trading app has also made it into the top 100 on Apple's App Store for the first time since January.

Nevertheless, COIN fell by 1.47% on Monday, closing at 413.63 USD, according to data from Google Finance.

Ark also sells shares of Robinhood and Block

In addition to Coinbase, ARKW also sold 109,824 shares of Robinhood, bringing in approximately 11.46 million USD. HOOD shares fell by 4.92%, to 104.34 USD.

ARKF also sold 90,061 shares of Block Inc., equivalent to 7 million USD. However, Block shares (SQ) surged by 7.22%, closing at 78.08 USD.

Ark Invest adheres to a strategy of limiting each investment to no more than 10% of the total portfolio of the fund, in order to maintain diversification. Therefore, the company regularly rebalances the portfolio when the value of an asset increases or decreases significantly compared to other holdings.