NewsletterCathie Wood Ark Offloads $31M Coinbase Shares Post-Earnings As Price Hit 2-Yr High
Highlights
- Cathie Wood's investment management firm Ark Invest sell Coinbase shares
- Coinbase (COIN) price jumps 15% after market hours
- Ark Invest funds further reduced holdings in Google and NVIDIA shares
Bitcoin bull Cathie Wood’s investment management firm Ark Invest sliced holdings in Coinbase as COIN stock price rallied over 15% after the crypto exchange posted its first quarterly profit in two years, surprising investors again.
Cathie Wood’s Ark Invest Surprises With Coinbase Shares Selloff
On February 15, Cathie Wood’s Ark Invest sold a total of 162,762 Coinbase shares worth nearly $31 million, as per trades seen by CoinGape. It follows as Coinbase earnings beat market expectations and COIN price rallied over 15% after market hours.
ARK Innovation ETF (ARKK) sold 146,807 Coinbase shares and Ark Fintech Innovation ETF (ARKF) sold 15,995 COIN shares. Meanwhile, ARK Next Generation Internet ETF (ARKW) decided to keep COIN holdings intact.
A total of 214,068 Coinbase shares worth nearly $35 million were sold by Cathie Wood’s Ark Invest funds on February 14 as COIN price jumped ahead of earnings.
Coinbase (COIN) price closed 3.30% higher at $165.67 on Thursday but jumped more than 15% to $190.90 after market hours. COIN stock price jumped 2-year high amid rising sentiment surrounding Bitcoin, surpassing the $52K mark.
Coinbase reported $1.04 earnings per share (EPS) against Wall Street expectations of $0.2. The revenue of $953.8 million also beats the forecast of $826.1 million. The exchange saw 100% higher trading volume in Q4 versus Q3, with fourth-quarter volume amounting to $154 billion. Rising crypto prices amid spot Bitcoin ETF sentiment renewed interest in crypto assets.
Also Read: Coinbase CLO Urges WSJ Data Correction After Treasury Clears Hamas Of Crypto Terrorism
Ark Sells Alphabet and NVIDIA Shares
While Ark funds offload Coinbase despite JPMorgan upgraded the company’s rating to “neutral” from “underweight” previously.
ARK Autonomous Technology & Robotics ETF (ARKQ) decided to offload Google’s parent Alphabet and NVIDIA holdings. Notably, 12,146 GOOG and 2,707 NVDA shares were sold. ARKW also offloaded 1,969 NVIDIA shares on Thursday after ARKQ sold 10,601 shares of NVIDIA Corp for 32,629 Qualcomm shares on Wednesday.
Also Read: Aptos Foundation Unveils Affordable JamboPhone Worth $99 With Crypto Integration
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