Ark funds sell $59M worth of Coinbase shares as stock dominates funds

Ark Invest has sold nearly $59 million of Coinbase from various funds this week.

The sum comes after three days of sales with Ark selling roughly $1.4 million in Coinbase stock on Monday. And on Tuesday and Wednesday, Ark sold around $33 and $24 million respectively. 

Looking at the sales in stock, Ark sold a little over 10,000 shares on Monday, 230,000 shares from various funds on Tuesday and 180,000 shares on Wednesday according to filings.

But when looking at the funds and the overall portfolio weights, Ark could be selling to balance the fund. The asset manager has Coinbase in three funds — the ARK Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW) and the ARK…

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