- Ark invest sold 96,435 shares of Coinbase stock worth $16 million
- The firm also sold $8.2 million worth of Robinhood securities.
- Over the past month, Coinbase shares have increased in value by 30.4%.
Ark Invest sold 96,435 shares of cryptocurrency exchange Coinbase worth $16 million between February 19 and February 26, 2024.
Cathie Wood and Ark Invest’s trading activity from yesterday 2/23 pic.twitter.com/48Fthd7fca
- Ark Invest Daily (@ArkkDaily) February 24, 2024
According to published information, securities were sold from the following funds:
- Innovation ETF – 54,307 shares ($9M);
- Next Generation Internet ETF – 28,222 shares ($4.7 million);
- Fintech Innovation ETF – 13,906 shares ($2.3 million).
The ongoing asset trades come amid notable growth in securities under the ticker COIN. The stock has gained 30.4% in value over the past month and 123% over the previous six months, according to TradingView.
Coinbase has a market capitalization of $40.2 billion and is holding at $165.96 at the time of writing.
On February 15, 2024, Coinbase released its financial report for the fourth quarter of last year. Compared to the previous reporting period, the company’s revenues increased by 41% to $954 million.
It is also worth noting that financial giant JPMorgan upgraded Coinbase’s stock rating to “neutral” with a target price of $80. The organization said that they are not ready to recommend investments on this position, but are obliged to note changes in the market.
In addition to the cryptocurrency exchange, Ark Invest sold securities of the firm Robinhood. In total, the company realized 565,491 shares worth $8.2 million. They were sold from the Next Generation Internet and Fintech Innovation funds.
Recall, we wrote that an analyst of JPMorgan criticized Coinbase for the lack of clarity in the work with cryptocurrency ETFs.
