ARK Invest offloads nearly $100m in Coinbase shares despite reassuring that platform ‘executing brilliantly’
Cathie Wood’s ARK Invest has offloaded more than $97 million in Coinbase (COIN) shares in February alone, according to trading history.
Despite Coinbase‘s impressive Q4 earnings report, which revealed a revenue of $953.8 million, surpassing analysts’ projections, ARK Invest appears to be adhering to its own investment strategy by unloading nearly $100 million in COIN shares.
According to data from CathiesArk, ARK Invest made two transactions with COIN shares in February so far, selling more than 544,000 shares valued at over $97 million at the current share price. Cumulatively, ARK Invest has divested nearly $130 million worth of COIN shares since the beginning of the year.
Nevertheless, ARK Invest CEO Cathie Wood remains bullish on Coinbase, saying the platform is “executing brilliantly.” Speaking of Coinbase’s price performance in an interview with Yahoo Finance, Wood also indicated the rally has “just begun,” as the firm best big on the exchange.
“So, we think we have just begun from a price appreciation point of view. This is part of a journey.”
Cathie Wood
As of press time, ARK Invest maintains a position of over 4.8 million COIN shares. Earlier, crypto.news reported that Coinbase’s revenue growth in Q4 2023 surged by 45.2% compared to Q3 2023. Additionally, the company reported a net income of $273 million, or $1.04 earnings per share, significantly exceeding analysts’ expectations.
