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Cathie Wood's ARK Invest Sells Coinbase Shares for First Time in a Month
ARK sold $34.3 million of shares in the crypto exchange, which is due to report earnings after the U.S. market closes.
- ARK sold $34.3 million worth of shares from three different funds, according to an emailed daily trading report.
- Coinbase has advanced 19% since the firm's previous sale and is due to report earnings after the market close.
ARK Invest, the Cathie Wood-run investment vehicle, sold Coinbase (COIN) stock for the first time in a month on Wednesday, a day before the crypto exchange was due to report fourth-quarter earnings.
ARK sold $34.3 million worth of shares from three different funds, according to an emailed daily trading report. The last time it reported selling the stock was Jan. 11.
STORY CONTINUES BELOW
Coinbase, the only U.S.-listed crypto exchange, has climbed 19% since then, including a 14% jump yesterday that took the share price to $160.38 as bitcoin (BTC), the largest cryptocurrency by market cap, climbed through $52,000. The Nasdaq Composite stock index gained 5.9% in the same period.
The exchange is expected to post stronger earnings and revenue when it reports results after the market closes today, fueled by increased trading volume as the crypto market rallied. Robinhood, a trading platform that also covers crypto, reported a 10% increase in crypto revenue in the quarter.
The investment firm sold 30,009 shares from its Fintech Innovation ETF (ARKF), 152,600 from the Innovation ETF (ARKK) and 31,459 from the Next Generation Internet ETF (ARKW).
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
