Ark Invest Cashes Out Coinbase Shares Amidst Rising Stock Prices
Cathie Wood’s Ark Invest reduced its Coinbase holdings after the crypto exchange revealed its first-quarter profit report in two years.
Ark Invest, an investment firm owned by a famous Bitcoin bull Cathie Wood, has sold a total of 162,762 Coinbase shares which is equivalent to $31 million. The liquidations were distributed across multiple Ark ETFs, that includes ARK Innovation ETF, and ARK Fintech Innovation ETF. On the other hand, Ark’s Next Generation Internet ETF remains its Coinbase holdings.
Prior to today’s sale, Ark Invest also sold 214,068 Coinbase holdings equivalent to $35 million on Wednesday, February 14 as the COIN price went up after its profit report. According to Thursday’s data, COIN price went up by 3.30% trading at $165.67 but then it surged by 15% closing at $190.90 hours after the said report.
Coinbase’s Massive Earnings Surpasses Expectations
As per Coinbase’s financial report, revenue jumped 51% to $953.8 million, surpassing the $826 million estimate from the analysts. Net income was $273 million ($1.04/share), compared with a loss of $557 million last year.
In addition, consumer transaction revenue went up to $492.5 million, while institutional transaction revenue went up to $36.7 million.
This financial report reflects Coinbase’s growth and a larger trend of strong enthusiasm from the crypto market, especially the ongoing Bitcoin’s bullish performance and the potential of new financial products such as the spot Bitcoin ETF.
Despite Ark Invest’s liquidations, it appears that other companies are still in favor of Coinbase’s potential. Furthermore, Ark Invest has also made revisions to its portfolio in other sectors, trading out shares of major companies like Alphabet and NVIDIA for other tech-stock opportunities.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveBest Forex Brokers
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals