Ark Invest, headed by Cathie Wood, recently unloaded shares of Coinbase Global Inc. amounting to $43.8 million. This sale was spread across three of its exchange-traded funds as it recalibrates its exposure to crypto-related stocks.
The investment management firm sold a total of 124,892 Coinbase shares on Monday, as stated in its latest trading report. In detail, the ARK Innovation ETF (ARKK) let go of 77,956 Coinbase shares, the ARK Next Generation Internet ETF (ARKW) disposed of 29,802 shares, and the ARK Fintech innovation ETF (ARKF) sold 17,134 shares of the cryptocurrency exchange.
Despite the sell-off, Coinbase’s (COIN) shares closed at $350.49 on Monday, marking a 0.83% drop, according to Yahoo Finance data. However, the crypto exchange’s stock has seen a significant rise in the past month, up by 42.12%, and a 41.16% increase year-to-date. COIN’s highest daily close, at $375.07, was recorded on June 26 since its public debut in April 2021, largely driven by Circle’s public market introduction.
Furthermore, analysts from the research and brokerage firm Bernstein have raised their price target for Coinbase to $510 from $310. This revision is based on the improved earnings outlook, emerging growth factors, and a refreshed valuation framework.
Disclaimer: The Block is a media outlet that operates independently to deliver news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, also invests in other crypto companies. Foresight Ventures is an anchor LP for the crypto exchange Bitget. The Block continues to provide objective, impactful, and timely information about the crypto industry. This article is purely informational and not intended as legal, tax, investment, financial, or other advice.
