The Latest Ark Invest’s Move in Crypto Market 📈
Ark Invest recently offloaded over 25,000 shares of Coinbase across its ETFs, totaling $6.4 million. The move reflects the firm’s strategy of maintaining a diversified portfolio by rebalancing its holdings. CEO Cathie Wood clarified the decision to sell, emphasizing it as part of active portfolio management.
Ark Invest’s Sales of Coinbase Shares 📉
- 22,690 shares ($5.7 million) sold from Innovation ETF (ARKK)
- 2,972 shares ($742,000) sold from Next Generation Internet ETF (ARKW)
Wood highlighted the need to take profits as Coinbase’s share price surged, maintaining it as the top position in ARKK (9.9%) and the second-largest in ARKW (10.1%) behind ARKB (10.2%). The firm’s holdings reflect its market value, with ARKK at $708.1 million and ARKW at $168.8 million.
Oppenheimer’s Raised Target for Coinbase Shares 💰
Oppenheimer raised its price target for Coinbase to $276, citing continued digital asset adoption and anticipated trading volume growth. The target represents a 10.5% increase from Coinbase’s recent closing price ($249.61).
“The adoption of digital assets continued after the approval of spot Bitcoin ETFs in January,” noted Oppenheimer Executive Director Owen Lau. “We estimate that COIN’s 1Q24 trading volume would be up 95% quarter-on-quarter, and 107% year-on-year to $300 billion.”
Coinbase Current Valuation and Performance 📊
- Coinbase is currently valued at $46.4 billion.
- ARKK and ARKW funds are up 29.4% and 58.2% over the past year, respectively.
- Coinbase remains the largest holding in ARKK (9.9%) and the second-largest in ARKW (10.1%).
Coinbase’s stock has shown growth, trading up 8.5% over the past month and 44.3% year-to-date. Oppenheimer’s revised target reflects confidence in Coinbase’s future performance.
Hot Take: Analyzing Ark Invest’s Strategy and Coinbase’s Performance 🔍
Ark Invest’s recent move to sell off Coinbase shares aligns with its active portfolio management approach, ensuring a balanced and diversified investment profile. The decision underscores the firm’s commitment to optimizing returns and adjusting positions based on market dynamics.
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