Ark Invest has reduced its holdings of Coinbase and GBTC shares by nearly $360 million this month

Data as of December 26 show that Ark Invest has reduced its Coinbase holdings by 1,535,789 shares this month, worth approximately $282.5 million. The vast majority of sales (1,348,527 shares) came from its Innovation ETF (ARKK), with Coinbase remaining the fund’s largest holding at 10.7%. The company’s Next Generation Internet ETF (ARKW) has sold 129,871 shares of Coinbase in December, while its FinTech Innovation ETF (ARKF) has sold 57,391 shares. The current shareholding ratios of ARKW and ARKF in Coinbase are approximately 12% and 14% respectively. Ark Invest also continues to reduce its holdings of GBTC. Transaction disclosure shows that ARKW has sold 2,118,186 shares of GBTC this month, worth approximately US$77 million. ARKW’s current position in GBTC is approximately 4.3%. “Ark took a contrarian approach and bought a lot of [Coinbase] shares when the stock came under significant pressure earlier this year,” said Owen Lau, executive director at Oppenheimer & Co. “Year to date, Coinbase is up over 400%, and from a return and risk management perspective, it’s time to take profits.” (Blockworks)