Summary
ARK Invest, led by Cathie Wood, has sold nearly $52 million in Coinbase stock, adding to previous sales of nearly $96 million earlier this month. ARK’s ETFs offloaded a total of 199,526 shares. Despite selling, ARK remains one of the biggest holders of Coinbase stock. Coinbase’s stock price has been on the rise, currently at $257.32 per share. The company recently reported a profit in Q4 2023, partly due to interest earned on its stablecoin reserves. Wood has been bullish on Bitcoin, saying it will compete with gold.
Key Points
1. ARK Invest, led by Cathie Wood, has sold nearly $52 million in Coinbase stock, with a total of 199,526 shares being offloaded across multiple ETFs.
2. ARK Invest focuses on buying tech stocks and companies related to AI and crypto space, with Wood advocating for Bitcoin and its potential to rival gold as an asset.
3. Coinbase, America’s largest cryptocurrency exchange, has seen significant stock price growth, currently priced at $257.32 per share and up 236% year-to-date. The company recently reported turning a profit in part due to interest earned on its USD Coin stablecoin reserves.