Home News ARK Invest Sells Coinbase Shares Ahead of Earnings Report Amid Crypto Rally

ARK Invest Sells Coinbase Shares Ahead of Earnings Report Amid Crypto Rally

by dave
1 minutes read

In a notable move, ARK Invest, led by the visionary Cathie Wood, has offloaded shares of Coinbase (COIN) for the first time in a month, just a day before the crypto exchange is set to unveil its fourth-quarter earnings. The investment firm divested $34.3 million worth of shares across three different funds, marking a strategic shift in its portfolio.

Coinbase, the premier U.S.-listed crypto exchange, has seen its stock surge by 19% since the last reported sale on January 11, including a 14% leap yesterday. This uptick coincides with bitcoin’s ascent through the $52,000 mark and a 5.9% rise in the Nasdaq Composite stock index over the same timeframe.

Anticipation is high for Coinbase’s earnings report, with expectations of robust earnings and revenue growth, driven by a buoyant crypto market and increased trading volumes. This optimism is mirrored in the recent performance of Robinhood, a trading platform that also encompasses crypto, which reported a 10% increase in crypto revenue for the quarter.

The shares sold by ARK Invest were distributed across its Fintech Innovation ETF (ARKF), Innovation ETF (ARKK), and Next Generation Internet ETF (ARKW), reflecting a recalibration of its investment strategy in the rapidly evolving crypto landscape.

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