Ark Invest recently sold 199,526 shares of Coinbase, amounting to $52.3 million, spread across three of its traded funds, based on the latest reports from the institution. The company, headed by Cathie Wood, divested 133,533 shares valued at $35 million from its Innovation ETF (ARKK), 59,215 shares worth $15.5 million from the Next Generation Internet ETF (ARKW), and 6,778 shares amounting to $1.8 million from the Fintech Innovation ETF (ARKF).

This recent sell-off by Ark Invest marks their first instance of reducing Coinbase holdings since March 13 when they offloaded COIN shares worth $27 million. Their investment approach is designed to prevent any single holding from dominating more than 10% of an ETF's portfolio, ensuring a balanced mix within their funds. Consequently, the firm is inclined to recalibrate its fund allocation should the price of COIN continue to surge.

Per the company's updated disclosures, Coinbase remains the top asset in the ARKK, ARKW, and ARKF ETFs, constituting weightings of 10.5%, 11.4%, and 12.1% respectively. The market value of ARKK's Coinbase holdings stands at $831 million, with ARKW and ARKF's COIN percentage valued at $196.5 million and $141.2 million at current market rates. Overall, across the past year, the ARKK, ARKW, and ARKF portfolios have yielded gains of 29.4%, 58.2%, and 59.4% correspondingly.

In the trading session on Thursday, Coinbase stock concluded at $262, marking a new peak in the year at $275.88 during intraday trading. Over the previous 24 hours, COIN appreciated by 2%, and its value has surged by over 10% in the week and 51% year-to-date, as indicated by TradingView data. While the current trading level is the highest since December 2021, COIN remains 24% below its all-time high of $342.98 documented in the previous month.

According to data from The Block’s information dashboard, the current evaluation of Coinbase stands at $48.7 billion. Additionally, Ark Invest divested $15.8 million in shares of Jack Dorsey’s Block and $1.8 million worth of Robinhood stock on the same Thursday.