ARK Invest Sells $97 Million in Coinbase Shares in February
Cathie Wood’s ARK Invest has sold over $97 million worth of Coinbase shares in February alone, according to trading history. Despite Coinbase’s impressive Q4 earnings report, ARK Invest has chosen to adhere to its own investment strategy by divesting nearly $100 million in COIN shares.
ARK Invest’s Transactions
– In February, ARK Invest made two transactions with COIN shares, selling over 544,000 shares valued at over $97 million at the current share price.
– Since the beginning of the year, ARK Invest has divested nearly $130 million worth of COIN shares.
Cathie Wood Remains Bullish on Coinbase
– ARK Invest CEO Cathie Wood continues to have a positive outlook on Coinbase, stating that the platform is “executing brilliantly.”
– Wood believes that the price appreciation for Coinbase has just begun and sees it as part of a journey.
Current Position and Q4 Earnings
– As of now, ARK Invest still holds over 4.8 million COIN shares.
– Coinbase reported a revenue of $953.8 million in Q4 2023, surpassing analysts’ projections.
– The company also reported a net income of $273 million, exceeding expectations.
Hot Take: Cathie Wood’s Selling Stance Raises Questions 🤔
The decision by ARK Invest to sell a significant amount of Coinbase shares raises questions about their long-term confidence in the platform. While Wood remains optimistic about Coinbase’s performance, the substantial divestment suggests a divergence from traditional market sentiment.
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