In a strategic move, Cathie Wood's ARK Invest dumped $34.3 million worth of Coinbase (COIN) shares, marking the first time the investment firm has sold off its shares in the crypto exchange in a month.
ARK Invest Sells $34.3 Million in Coinbase Stock Ahead of Earnings Report
This decision comes just ahead of Coinbase's highly anticipated fourth-quarter earnings report, which is scheduled to be released after the close of the US market. ARK Invest sold shares from three different funds on Wednesday, according to the trading report.
The timing of this sell-off is notable, as Coinbase's stock has been on an upward trajectory, up 19% since ARK's last reported sell-off.
This increase includes a significant 14% jump just yesterday, coinciding with Bitcoin rising above $52,000. During the same period, the Nasdaq Composite stock index gained 5.9%.
Market analysts think Coinbase's upcoming earnings report will reveal strong earnings and revenue numbers fueled by rising trading volumes amid the recent crypto market volatility.
Notably, Robinhood, another trading platform with exposure to cryptocurrencies, reported a 10% increase in crypto revenue for the quarter.
The breakdown of the sale includes 30,009 shares of ARK's Fintech Innovation ETF (ARKF), 152,600 shares of the Innovation ETF (ARKK) and 31,459 shares of the Next Generation Internet ETF (ARKW).
*This is not investment advice.
