Cathie Wood Ark Invest Sells Off Coinbase Shares
Ark Invest, led by Bitcoin bull Cathie Wood, surprised investors by selling a total of 162,762 Coinbase shares worth nearly $31 million on February 15. This decision came after Coinbase posted its first quarterly profit in two years, causing COIN stock price to rally over 15% after market hours.
The ARK Innovation ETF (ARKK) sold 146,807 Coinbase shares and Ark Fintech Innovation ETF (ARKF) sold 15,995 COIN shares. Meanwhile, ARK Next Generation Internet ETF (ARKW) decided to keep COIN holdings intact.
Prior to this, a total of 214,068 Coinbase shares worth nearly $35 million were sold by Cathie Wood’s Ark Invest funds on February 14 as COIN price jumped ahead of earnings. Following this development, COIN stock price surged to a 2-year high amid rising sentiment surrounding Bitcoin.
Coinbase reported $1.04 earnings per share (EPS) against Wall Street expectations of $0.2 and saw a 100% increase in trading volume in Q4 versus Q3, with fourth-quarter volume amounting to $154 billion. Rising crypto prices amid spot Bitcoin ETF sentiment renewed interest in crypto assets.
Ark Also Sells Alphabet and NVIDIA Shares
In addition to offloading Coinbase shares, Ark funds decided to sell Google’s parent Alphabet and NVIDIA holdings. The ARKW also offloaded 1,969 NVIDIA shares on Thursday after ARKQ sold 10,601 shares of NVIDIA Corp for 32,629 Qualcomm shares on Wednesday.
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