ARK Invest Sells Nearly Half a Million Coinbase Shares for $90 Million
ARK Invest, a major institutional backer of Coinbase, recently sold approximately 499,149 shares in the Nasdaq-listed centralized crypto exchange for around $90 million. This move was made by Cathie Wood’s investment firm, which sold shares from its various exchange-traded funds, including ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF).
Coinbase Receives Analyst Upgrades
Coinbase saw a surge in analyst upgrades following its better-than-expected fourth-quarter results. KBW, Wedbush, Canaccord Genuity, and JPM Securities all provided positive assessments of the crypto exchange. However, J.P. Morgan analyst Kenneth Worthington had a more cautious stance, expressing uncertainty about Coinbase’s true earning impact and criticizing the lack of insights into its ETF business and custodial services.
Coinbase Stock Price Rises
Despite some analysts’ reservations, Coinbase’s stock price experienced a significant increase of nearly 27% last week.
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