Cathie Wood’s ARK Sells More Coinbase Stock as COIN, Bitcoin Boom

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ARK Invest, Bitcoin bull Cathie Wood’s asset management firm, sold Coinbase stock again—this time ahead of the crypto exchange’s impressive earnings report.

In total, ARK Invest sold $34.3 million in shares of the crypto exchange from three of its funds—ARK Innovation ETF (ARKK); ARK Fintech Innovation ETF (ARKF); and ARK Next Generation Internet ETF (ARKW), a Thursday filing showed.

It was the first time since January 11 that it unloaded some of the stock.

The sale came just before Coinbase—which trades as COIN on the Nasdaq—started to jump: priced at $165 per share, it has risen 11% in after-hours trading, fueled by the Thursday earnings report.

ARK Invest is the second biggest holder of Coinbase stock. In January, it sold 166,183 shares—worth $25.3 million.

The firm snaps up tech stocks and other companies related to the AI and crypto space. Three of its funds also bought more Tesla stock, the filing shows.

Electric car company Tesla is one of the largest public holders of Bitcoin.

Coinbase on Thursday released its 2023 fourth quarter earnings, posting a profit of $273.4 million compared with a loss of $557 million the same time one year ago.

The San Francisco-based exchange said that it had managed to move back in the black thanks to a surge in crypto prices and increased interest in its USD Coin (USDC) product. Users are able to earn rewards by holding the stablecoin on the exchange.

Edited by Ryan Ozawa.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Editorial Team
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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Cathie Wood’s ARK Sells More Coinbase Stock as COIN, Bitcoin Boom



ARK Invest, Bitcoin bull Cathie Wood’s asset management firm, sold Coinbase stock again—this time ahead of the crypto exchange’s impressive earnings report.

In total, ARK Invest sold $34.3 million in shares of the crypto exchange from three of its funds—ARK Innovation ETF (ARKK); ARK Fintech Innovation ETF (ARKF); and ARK Next Generation Internet ETF (ARKW), a Thursday filing showed.

It was the first time since January 11 that it unloaded some of the stock.

The sale came just before Coinbase—which trades as COIN on the Nasdaq—started to jump: priced at $165 per share, it has risen 11% in after-hours trading, fueled by the Thursday earnings report.

ARK Invest is the second biggest holder of Coinbase stock. In January, it sold 166,183 shares—worth $25.3 million.

The firm snaps up tech stocks and other companies related to the AI and crypto space. Three of its funds also bought more Tesla stock, the filing shows.

Electric car company Tesla is one of the largest public holders of Bitcoin.

Coinbase on Thursday released its 2023 fourth quarter earnings, posting a profit of $273.4 million compared with a loss of $557 million the same time one year ago.

The San Francisco-based exchange said that it had managed to move back in the black thanks to a surge in crypto prices and increased interest in its USD Coin (USDC) product. Users are able to earn rewards by holding the stablecoin on the exchange.

Edited by Ryan Ozawa.

Stay on top of crypto news, get daily updates in your inbox.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Editorial Team
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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