Ark’s Venture Fund also invested in OpenAI this week — the artificial intelligence firm led by Worldcoin co-founder Sam Altman.
Ark Invest offloaded 77,561 Coinbase shares — worth $20.4 million — across two of its exchange-traded funds on Thursday.
Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF’s portfolio to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if Coinbase’s stock price continues to rise compared to other holdings in the funds. ARKK’s Coinbase holdings have a market value of $696 million, whereas ARKW’s COIN weightings are valued at $169 million at current prices. Overall, the ARKK and ARKW funds are up 24% and 55% over the past year, respectively.
“OpenAI is at the forefront of a Cambrian explosion in artificial intelligence capability, having produced several of the most influential breakthroughs in foundational AI research, including both the GPT and DALLE series of models, and launching the first major consumer application of generative AI, ChatGPT, which is the fastest application in history to grow to 100 million active users,” Ark Invest wrote in an email to clients on Thursday seen by The Block.
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