Buy PresaleBreaking: Cathie Wood’s Ark Invest Sells 214,068 Coinbase Shares Ahead Earnings
Highlights
- Cathie Wood’s Ark Invest sells 214,068 Coinbase (COIN) shares worth $35 million
- Coinbase (COIN) price jumps 5% in pre-market hours ahead of earnings
- Ark funds buys Tesla, Meta and sells Robinhood shares
Ark Invest, an investment management firm led by Cathie Wood, made significant adjustments in multiple funds on Wednesday. Ark Invest funds offloaded Coinbase shares worth millions as part of the active portfolio management strategy, sparking speculation ahead Q4 earnings report.
Cathie Wood’s Ark Invest Offloads Coinbase Shares
On February 14, Cathie Wood’s Ark Invest sold a total of 214,068 Coinbase shares worth nearly $35 million, as per trades seen by CoinGape. The move comes in response to an 18% jump in COIN price as Bitcoin rally over $52K and massive inflows in spot Bitcoin ETFs.
ARK Innovation ETF (ARKK) sold 152,600 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 31,459 COIN shares, and Ark Fintech Innovation ETF (ARKF) sold 30,009 COIN shares.
Coinbase (COIN) price closed 14.24% higher at $160.38 on Wednesday. The stock price jumped 4.09% to $166.94 after hours as Bitcoin surpassed $52K mark.
The selloff before the earnings report raised questions among investors. Some experts believe Coinbase earnings may disappoint investors, but a surprise outcome is expected amid a growing crypto market cap and trading. Coinbase expected EPS is $0.27 and revenue is $820.28 million.
Cathie Wood Buys Tesla, Meta and Sells Robinhood
Cathie Wood’s Ark Invest purchased a total of 42,129 Robinhood Markets shares on February 13, the first buy after the company reported better-than-expected earnings. However, it sold 119,394 HOOD shares as HOOD price closed almost 13% to $13.38 on Feb 14.
Ark Invest funds purchased 145,455 Tesla shares valued at $27.45 million, and 7,796 META shares on Wednesday, increasing holdings in these digital assets-related firms. Cathie Wood also decided to sell 10,601 shares of NVIDIA Corp for 32,629 Qualcomm shares.
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