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Ark Invest sells $3.9m worth of Coinbase shares amid price drop following Powell's hawkish speech

Ark Invest offloaded 13,780 Coinbase shares — worth $3.9 million — from its Fintech Innovation exchange-traded fund (ARKF) on Wednesday amid a 10% drop in COIN’s price following The Federal Reserve’s more hawkish stance.

It’s one of the most significant sales of the stock for the Cathie Wood-led investment firm since it offloaded $2.8 million worth of COIN on Sept. 23. Ark’s investment strategy generally aims to avoid individual holdings taking up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if COIN’s value rises or falls relative to Ark's other holdings in the fund.

Ark Invest sells $3.9m worth of Coinbase shares amid price drop following Powell's hawkish speech

Ark Invest offloaded 13,780 Coinbase shares — worth $3.9 million — from its Fintech Innovation exchange-traded fund (ARKF) on Wednesday amid a 10% drop in COIN’s price following The Federal Reserve’s more hawkish stance.

It’s one of the most significant sales of the stock for the Cathie Wood-led investment firm since it offloaded $2.8 million worth of COIN on Sept. 23. Ark’s investment strategy generally aims to avoid individual holdings taking up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if COIN’s value rises or falls relative to Ark's other holdings in the fund.
https://www.theblock.co/post/331644/ark-invest-sells-coinbase-powell-speech