Cathie Wood's ARK Invest Sells Coinbase Shares for First Time in a Month

ARK sold $34.3 million of shares in the crypto exchange, which is due to report earnings after the U.S. market closes.

ARK Invest, the Cathie Wood-run investment vehicle, sold Coinbase (COIN) stock for the first time in a month on Wednesday, a day before the crypto exchange was due to report fourth-quarter earnings.

ARK sold $34.3 million worth of shares from three different funds, according to an emailed daily trading report. The last time it reported selling the stock was Jan. 11.

Coinbase, the only U.S.-listed crypto exchange, has climbed 19% since then, including a 14% jump yesterday that took the share price to $160.38 as bitcoin (BTC), the largest cryptocurrency by market cap, climbed through $52,000. The Nasdaq Composite stock index gained 5.9% in the same period.

The exchange is expected to post stronger earnings and revenue when it reports results after the market closes today, fueled by increased trading volume as the crypto market rallied. Robinhood, a trading platform that also covers crypto, reported a 10% increase in crypto revenue in the quarter.

The investment firm sold 30,009 shares from its Fintech Innovation ETF (ARKF), 152,600 from the Innovation ETF (ARKK) and 31,459 from the Next Generation Internet ETF (ARKW).

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[cryptoworlddaily]

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[donovanada]

Cathie getting out of that craphole $COIN, smart

[martinrichardson]

ARK ought to consider offloading all their holdings in Coinbase to evade the impending dumps for $COIN. The inevitability of $COIN dumping looms larger, particularly amidst the deluge of lawsuits from various government entities and nations targeting Coinbase.

[yahani-stocks]

great strategy by ark invest honestly. coinbase may had huge scale in a micro-scale but if you zoom out, they're still in a major loss. and if the etf won't be approved, that will surely be the end of coinbase which is on its last legs right now.

[BTCSANDRA]

everyone ignoring the fact that Coinbase execs has sold their shares too. This isn't Cathy just re balancing her portfolio but tbh, now it looks like they're getting out of a bad situation.

[solavax]

I would sell as well. Just zoom out of the price history of $COIN. Looks very bad 😂

[fantomania]

Cathie trashing all the Coinbase shares before it becomes a shitshow when it dumps 🤣

[Leonardo-Ashton]

again? looks like cathie is getting more and more discouraged on hodling $coin stocks. i would be too if i knew that coinbase was going down sooner or later because of the sec investigation.