ARK Invest Sold $95M of Coinbase Shares After COIN's Surge to Record Highs

ARK Invest offloaded nearly $43.8 million worth of shares of cryptocurrency exchange Coinbase (COIN) on Monday.

The sale follows similar moves last week for a total of 270,984 COIN shares offloaded in the last three trading days, worth just under $95 million based on Monday's closing price of $350.49.

Coinbase shares surged to a record high of over $380 on June 26, which necessitated the sales from ARK. Cathie Wood's investment managing firm has a target weighing of its exchange-traded funds (ETFs), whereby no individual holding exceeds 10% of its total value.

This leads to a trend of ARK selling large numbers of particular shares when their prices rally and acquiring them when they dip.

ARK holds COIN in three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).