ARK Invest, the asset management firm of Bitcoin bull Cathy Wood, has once again sold shares of Coinbase — this time ahead of the crypto exchange's impressive earnings report.
In total, ARK Invest sold $34.3 million worth of crypto exchange shares from its three funds: ARK Innovation ETF (ARKK); ARK Fintech Innovation ETF (ARKF); and ARK Next Generation Internet ETF (ARKW), Thursday's filing showed.
It's the first time since Jan. 11 that some stocks have dropped.
The sale came before Coinbase – which is traded on the Nasdaq as COIN – began to jump: at a price of $ 165 per share, the afternoon trading increased by 11%, following Thursday's earnings report.
ARK Invest is the second largest owner of Coinbase stock. In January, he sold 166,183 shares – worth $25.3 million.
The company holds technology stocks and other companies related to the AI and crypto space. The three funds bought more Tesla stock, the filing shows.
Electric car company Tesla is one of the largest public holders of Bitcoin.
Coinbase on Thursday released earnings for the fourth quarter of 2023, posting a profit of $273.4 million compared to a loss of $557 million in the same period a year ago.
The San Francisco-based exchange said it was able to return to the black thanks to rising crypto prices and increased interest in its USD Coin (USDC) product. By holding stablecoins on the exchange, users can earn rewards.
Edited by Ryan Ozawa.
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