ARK Invest Continues to Sell Coinbase Shares
As the second-largest holder of Coinbase stock, ARK Invest has been actively divesting its holdings in the crypto exchange. Notably, the company has made several significant sales of Coinbase shares in recent months. In December last year, Ark Invest sold $49.2 million worth of Coinbase shares, marking one of its largest sales since July. Additionally, in March last year, Ark Invest sold 160,887 shares of Coinbase, valued at $13.5 million. The company has also resumed its selling spree this year, with a sale of 166,183 shares worth $25.3 million in January.
Cathie Wood, known for her bullish stance on Bitcoin and other cryptocurrencies, has been a prominent figure in the crypto space. Her firmโs decision to sell Coinbase shares might raise eyebrows among investors, considering the positive earnings report and the recent surge in Bitcoinโs price. However, itโs important to note that ARK Invest has a dynamic investment strategy, constantly adjusting its portfolio based on market conditions and the firmโs outlook.
Coinbase Reports Quarterly Profit
Coinbase recently announced its fourth-quarter earnings for 2023, revealing a profit of $273.4 million compared to a loss of $557 million during the same period the previous year. The quarterly profit comes in the wake of the U.S. Securities and Exchange Commissionโs (SEC) approval of spot bitcoin exchange-traded funds (ETFs), sparking renewed interest in the cryptocurrency market.
The approval led to a substantial 57% increase in Bitcoinโs price in the fourth quarter of 2023, contributing to a 64% rise in Coinbaseโs transaction revenue, which reached $529.3 million. The San Francisco-based exchange attributed its return to profitability to the surge in cryptocurrency prices and increased interest in its USD Coin (USDC) product.
Coinbase allows users to earn rewards by holding the stablecoin on its platform. More recently, the exchange unveiled a new television ad that playfully mocks traditional United States fiat currency, depicting it as a penny coin.
In May 2023, they released an ad explaining why crypto is crucial for updating the financial system, aiming to debunk misconceptions surrounding cryptocurrency being solely a speculative asset or associated with reckless trading.
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