Crypto Blog
ARK Invest, the investment management firm led by Cathie Wood, recently divested 580,000 Coinbase shares.This sale represents ARK’s second-largest weekly offload of COIN shares since July 2023. The previous record was set during the week ending February 16, when ARK sold shares worth $151 million.to maintaining a balanced portfolio drove the decision to sell. As part of its strategy, ARK aims to prevent any individual holding from exceeding a 10% weighting of an ETF’s total value.
Despite the substantial sale, COIN’s weighting across ARK’s three ETFs – Innovation ETF , Next Generation Internet ETF , and Fintech Innovation ETF – remains comfortably above the 10% threshold. Investors can expect further sales from ARK, especially after Bitcoin recently hit a newMeanwhile, Coinbase shares have been on an upward trajectory, gaining over 80% in value in the past month alone. This surge is closely tied to the nearly 50% rally in Bitcoin’s price during the same period.
Based on a Q4 report released last month, the company exceeded expectations in terms of earnings and revenue. According to FactSet data, earnings stood at $1.04 per share, surpassing the average analyst estimate of $0.02 per share. Revenue reached $953.8 million, surpassing the analyst forecast of $826.1 million. This strong performance resulted in a 13% surge in COIN shares during post-market trading, adding to a 3% gain in the regular session.
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