tl;dr
ARK Invest, one of the largest institutional backers of Coinbase, sold nearly half a million shares of the cryptocurrency exchange worth around $90 million after its fourth-quarter results beat Wall Street expectations. The Cathie Wood-led investment firm sold shares from its ARK Innovation ETF, ARK...
ARK Invest, one of the largest institutional backers of Coinbase, sold nearly half a million shares of the cryptocurrency exchange worth around $90 million after its fourth-quarter results beat Wall Street expectations. The Cathie Wood-led investment firm sold shares from its ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF, totaling 499,149 shares. While some analysts upgraded the stock and increased price targets, others were less optimistic, with concerns about the lack of clarity on the impact of spot bitcoin exchange-traded funds on Coinbase's business. Additionally, ARK also sold $6.72 million shares of trading platform Robinhood on the same day.
ARK sold nearly half a million shares of Coinbase Global (COIN), worth around $90 million, on the same day that it witnessed a slew of analyst upgrades. Shares in Coinbase rose nearly 27% to $180.31 last week, after reporting upbeat fourth-quarter results. The sale came after the results led to KBW and other analysts upgrading the stock and increasing its price target. However, some analysts were less optimistic, criticizing the exchange for its lack of clarity on the impact of spot bitcoin exchange-traded funds on its business. Additionally, ARK also sold $6.72 million shares of trading platform Robinhood on the same day.
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