Ark Invest sold Coinbase shares for the first time since January.
The position has seen a 16.9% gain since the beginning of February.
Ark Invest sold 214,068 shares of Coinbase stock for a total of $34.3 million. This is the first sale for this position since February 2024.
Cathie Wood and Ark Invest’s trading activity from today 2/14 pic.twitter.com/HcGkLKtmAT
- Ark Invest Daily (@ArkkDaily) February 15, 2024
Based on the published report, shares were sold from three funds – ARKK, ARKW and ARKF. The assets were realized at a price of $160.2.
Note that at the close of trading, COIN’s price had risen to $160.3, with a forecast of $167, according to TradingView:
Coinbase’s shares had been on a rapid downward slide since late December 2023, but that changed in early February 2024. Their exchange rate has risen from $117 to $160 in recent weeks.
In January, Ark Invest sold a significant stake in COIN for $46 million. The company also sold shares in the BITO fund and invested the proceeds in its spot bitcoin-ETF when it received approval and went public.
Earlier we reported that JPMorgan Chase downgraded Coinbase shares.
