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Home»ADOPTION NEWS»Cathie Wood’s ARK Invest Unloads $90 Million Worth of Coinbase Stock
ADOPTION NEWS

Cathie Wood’s ARK Invest Unloads $90 Million Worth of Coinbase Stock

By Crypto FlexsFebruary 19, 20242 Mins Read
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Cathie Wood’s ARK Invest Unloads  Million Worth of Coinbase Stock
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Funding • February 19, 2024 3:24 AM EST

Posted 1 minute ago In ~

ARK Invest, an investment solutions provider and one of Coinbase’s largest institutional backers, sold about 500,000 shares of the Nasdaq-listed centralized cryptocurrency exchange for about $90 million on Friday.

Cathie Wood’s investment firm unloaded a total of 499,149 COIN shares from its exchange-traded fund. Specifically, 397,924 shares were sold in the ARK Innovation Exchange Traded Fund (ARKK), 45,433 shares in the ARK Next Generation Internet ETF (ARKW), and 55,792 shares in the ARK Fintech Innovation ETF (ARKF).

The massive sell-off comes after Coinbase received multiple analyst upgrades from KBW, Wedbush, Canaccord Genuity, JPM Securities, and others due to better-than-expected fourth-quarter results.

JP Morgan analyst Kenneth Worthington took a less positive stance, acknowledging both strengths and weaknesses, claiming the company “remains uncertain about the actual revenue impact.” This view contrasts with Coinbase’s positive outlook on participation in U.S. spot Bitcoin ETFs.

Worthington also criticized the exchange’s lack of clarity about its ETF management services.

Meanwhile, the cryptocurrency exchange’s stock price rose about 27% last week.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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