Ark Invest trimmed its holdings in Coinbase, Circle, Bitmine, and Bullish as crypto-linked stocks surged, citing a routine portfolio rebalancing strategy to maintain diversification.
Bitcoin price up over 20% since end of August, contributing to the crypto stock rally.
Ethereum price up over 20% since end of August, alongside Bitcoin rally.
Ark Invest sold $7M of Coinbase stock as part of routine portfolio rebalancing after a price rally.
Ark Invest sold $13.8M of Circle stock, likely taking profits amid the crypto stock rally.
Ark Invest sold $687,693 of Bullish stock, consistent with its diversification strategy.
Ark Invest sold $3.96M of Bitmine stock, reducing exposure after price increase.
Cathie Wood's Ark Invest offloaded over $25 million in cryptocurrency-related equities this week to rebalance portfolios. The sales, which included Coinbase and Circle, follow a significant rally in digital assets that saw Bitcoin and Ethereum climb more than 20% since late August.
The firm is conducting routine portfolio rebalancing to ensure no single asset exceeds 10% of its fund holdings, taking advantage of recent price rallies.