Cathie Wood’s Ark Invest Offloads $31M in Coinbase Shares Despite Strong Earnings
COIN Price Surges Over 15% as Ark Invest Trims Holdings
Cathie Wood’s Ark Invest made a surprising move on February 15 by selling a significant portion of its Coinbase (COIN) holdings despite the crypto exchange reporting stellar earnings. The investment firm offloaded 162,762 Coinbase shares, valued at nearly $31 million, as COIN’s stock price surged over 15% in after-hours trading.
Ark Invest’s Coinbase Selloff: A Strategic Move?
According to trade data reported by CoinGape, Ark Invest trimmed its Coinbase exposure across two of its major exchange-traded funds (ETFs):
- ARK Innovation ETF (ARKK) sold 146,807 COIN shares.
- Ark Fintech Innovation ETF (ARKF) sold 15,995 COIN shares.
- ARK Next Generation Internet ETF (ARKW), however, retained its COIN holdings.
The decision to sell a portion of Coinbase shares came despite the company posting its first quarterly profit in two years. The crypto exchange’s earnings beat market expectations, leading to a strong post-market rally that pushed COIN’s price beyond $190, marking a two-year high.
Why Is Ark Invest Selling Coinbase Shares?
Ark Invest, known for its bullish stance on disruptive innovation and cryptocurrency, has been actively trading COIN shares in recent months. The recent selloff could be a profit-taking strategy following a significant price increase.
Additionally, the market’s reaction to Coinbase’s earnings report may have played a role in the decision. While COIN’s price surged, Ark Invest might be rebalancing its portfolio amid shifting market dynamics.
What’s Next for Coinbase and Ark Invest?
With Bitcoin (BTC) hovering near $52,000 and broader crypto market optimism, Coinbase remains a key player in the industry. Analysts are watching how Ark Invest continues to manage its COIN holdings in the coming weeks.
While Ark Invest’s sale may indicate short-term profit-taking, its continued exposure through ARKW suggests that Cathie Wood remains bullish on Coinbase’s long-term potential.
Final Thoughts
Cathie Wood’s Ark Invest has once again made headlines with its strategic trading decisions. Selling $31 million worth of Coinbase shares after strong earnings might seem counterintuitive, but it aligns with Ark’s history of active portfolio management.
As the crypto bull market gains momentum, investors will be keenly observing Ark’s next moves and Coinbase’s future growth trajectory.
Disclaimer:
The information provided is for informational and educational purposes only and should not be considered financial, investment, or legal advice. We do not guarantee the accuracy, completeness, or reliability of any information presented. Any financial decisions you make based on this content are at your own risk. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. Investing involves risk, and past performance is not indicative of future results. We are not responsible for any losses or damages resulting from your actions.
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