Ark Invest, the investment firm run by Cathie Wood, has sold $43.8 million in Coinbase shares as part of its portfolio restructuring in crypto-related stocks.
Ark Invest Sells $43.8 Million in Coinbase Shares
The sale comes at a time when Coinbase's share price is trading near all-time highs.
Three exchange-traded funds (ETFs) owned by Ark Invest sold a total of 124,892 Coinbase shares, according to the company’s trading report published on Monday, July 1:
- ARK Innovation ETF (ARKK): 77,956 shares
- ARK Next Generation Internet ETF (ARKW): 29,802 shares
- ARK Fintech Innovation ETF (ARKF): 17,134 shares
Coinbase stock closed down 0.83% at $350.49 on Monday, but is up 42.12% in the past month and 41.16% year-to-date. The company’s stock closed at $375.07 on June 26, its highest daily close since its IPO in April 2021.
Coinbase shares have been supported by positive developments in the sector, such as Circle’s IPO, while leading analytics and brokerage firm Bernstein raised its price target per share for the company to $510 from $310. Bernstein cited improved earnings expectations, new sources of growth, and an updated valuation model as justifications for the update.
Ark Invest's latest sale is considered part of the company's active portfolio management strategy for crypto-focused stocks.
*This is not investment advice.
