Coinbase Stock Drops 4% as ARK Invest Sells $90M Worth of Coinbase Shares

Tiger Newspress02-20

ARK Invest, a prominent investment firm led by Cathie Wood, sold nearly half a million shares of Coinbase Global (COIN) for roughly $90 million last Friday. This move comes despite positive analyst sentiment following Coinbase's stronger-than-expected fourth-quarter results.

Coinbase stock fell 4% in morning trading.

ARK, one of Coinbase's largest institutional backers, shed shares across its various exchange-traded funds (ETFs): 397,924 from ARKK, 45,433 from ARKW, and 55,792 from ARKF. This brings the total number of shares sold to 499,149.

This decision appears to contradict the bullish outlook from several analysts following Coinbase's earnings report. The stock surged nearly 27% last week, fueled by upbeat financial results. KBW upgraded the stock to "market perform" and raised its price target, while analysts at Wedbush, Canaccord Genuity, and JMP Securities also adjusted their targets upwards.

However, not all analysts shared the optimism. JPMorgan criticized Coinbase for its lack of transparency regarding the impact of spot Bitcoin ETFs on its business. Whether ARK's move signals a broader concern about Coinbase or simply portfolio rebalancing remains to be seen.

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Comments

Manjab
02-20
Manjab
Yikes... Isn't Cathy selling at a huge lost at these prices??

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