๐๐๐ #CathieWood 's $ARK Invest Sells #coinbase Shares for First Time in a Month
ARK Invest, led by Cathie Wood, divested Coinbase (COIN) stock for the first time in a month on Wednesday, just ahead of the crypto exchange's scheduled fourth-quarter earnings report.
According to a daily trading report received via email, ARK unloaded $34.3 million worth of shares from three distinct funds. This action marks the first time since January 11 that ARK has reported selling COIN stock.
Since that last reported sale, Coinbase, the sole U.S.-listed crypto exchange, has surged by 19%, with a notable 14% leap yesterday alone, propelling its share price to $160.38. This uptick coincided with bitcoin's ascent above $52,000 and a 5.9% rise in the Nasdaq Composite stock index during the same timeframe.
Anticipations are high for Coinbase's earnings report, projected to unveil robust earnings and revenue growth, fueled by heightened trading volume amidst the crypto market's rally. Robinhood, another trading platform encompassing crypto, recently disclosed a 10% surge in crypto revenue for the quarter.
ARK Invest executed the divestment across its funds, selling 30,009 shares from the Fintech Innovation ETF (ARKF), 152,600 shares from the Innovation ETF (ARKK), and 31,459 shares from the Next Generation Internet ETF (ARKW).
Source - coindesk.com