Ark Invest Dumps $3.9 Million In Coinbase Shares Amid 10% Price Drop And Fed Rate Cut Caution
Release: 2024/12/19 23:54 Reading: 771
Ark Invest Sells Coinbase Stock Amid Bearish Market Outlook
Ark Invest sold $3.9 million worth of Coinbase (COIN) shares from its Fintech Innovation ETF (ARKF) on December 18. This move comes after a 10% drop in COIN's share price and Chairman Jerome Powell's cautious stance on rate cuts.
The sale marks one of Ark Invest's largest since September 23, when it sold $2.8 million worth of COIN. COIN is ARKF's second-largest holding, with a weighting of 9.9% as of December 18.
Ark Invest's strategy typically involves keeping single-stock exposure below 10% for diversification purposes. While the recent sale could simply be a rebalancing, it follows Powell's announcement of a 0.25% interest rate cut.
Powell's comments surprised markets, indicating a cautious approach to future cuts and forecasting only two cuts next year. This led to a decline in cryptocurrency prices and crypto stocks, including COIN.
Despite the recent setback, ARKF has gained over 53% year-to-date. Other notable holdings in ARKF include Block Inc (6.14%), Robinhood (5.21%), SoFi Technologies (4.52%), and Roblox Corp. (3.57%).
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