Summary
ARK Invest, the asset management firm led by Bitcoin bull Cathie Wood, sold $34.3 million worth of Coinbase stock ahead of the crypto exchange’s strong earnings report. This marks the first time since January that ARK Invest sold some of its Coinbase shares. The sale came just before Coinbase’s stock price jumped by 11% in after-hours trading following the earnings report. ARK Invest is the second largest holder of Coinbase stock. In addition to selling Coinbase shares, three of ARK Invest’s funds also bought more Tesla stock. Coinbase reported a profit of $273.4 million in Q4 2023, compared to a loss of $557 million the previous year, thanks to a surge in crypto prices and increased interest in its USD Coin product.
Key Points
1. ARK Invest, the asset management firm led by Bitcoin bull Cathie Wood, sold $34.3 million worth of Coinbase stock ahead of the crypto exchange’s impressive earnings report.
2. This sale marked the first time since January 11 that ARK Invest unloaded some of its Coinbase stock.
3. Despite the sale, Coinbase’s stock price rose 11% in after-hours trading following the release of its strong earnings report, fueling investor interest in the company.