Ark Invest Sells $3.9M in Coinbase Shares as Stock Drops 10% to $279.86; Bitcoin at $100K

Ark Invest has sold $3.9 million worth of Coinbase shares, reducing its holdings to 9.9% of the ARK Fintech Innovation ETF (ARKF). This decision comes in response to a recent drop in Coinbase's stock price, which closed at $279.86, down 10% following Federal Reserve Chair Jerome Powell's hawkish speech. Despite this decline, Coinbase shares have seen a year-to-date increase of 61%. The market reacted to Powell's comments, with Bitcoin briefly falling to $100,000. Ark Invest's remaining allocation in Coinbase stands at $110 million, emphasizing the firm's strategic approach to maintaining diversification in its portfolio. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io