ARK Invest sells Coinbase stock for $90 million
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ARK Invest sold nearly 500,000 shares of Coinbase Global (NASDAQ:Coin) last Friday. The stake is valued at an estimated $90 million and is a spinoff from three of ARK Invest's ETF offerings.
According to the data, ARK Invest sold 397,924 shares of ARK Innovation ETF (ARKK), 45,433 shares of ARK Next Generation Internet ETF (ARKW) and 55,792 shares of ARK Fintech Innovation ETF (ARKF) for a total of 499,149 shares.
The stock sale was made after Coinbase took over. To lose weight JPMorgan Chase & Co., led by Kenneth Worthington. According to a note from analysts.
At the time, Worthington's research indicated that “the bullish environment in Bitcoin ETFs has pushed market participants out of the winter,” hence the decision to downgrade Coinbase from neutral to underweight.
Coinbase shares are gaining more than expected and increased by 27% last week, putting the stock at $180.31 and indicating that the crypto exchange is back to profitability, in the Q4 2023 earnings report.
These results prompted analysts at KBW to upgrade the stock to market underperform. KBW raised its price target on Coinbase to $160 from $93. Analysts at Canaccord Genuity, JMP Securities and Wedbush echoed the sentiment and raised their respective crypto exchange stock prices.
ARK Invest has been one of the main institutional backers of Coinbase in recent years, and reducing its position in Coinbase may reflect that the investment firm is preparing for more volatility that could affect trading revenues. ARK dumped nearly $7 million worth of Robin stock (NASDAQ: HOOD ) on Friday as it specifically reduces exposure to trading platforms.
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