Investment firm Ark Invest, led by Cathie Wood, has sold $43.8 million worth of Coinbase shares as part of its portfolio restructuring focused on crypto.
Overview of the Sale
According to the firm’s trading report published on July 1, three exchange-traded funds (ETFs) owned by Ark Invest sold a total of 124,892 Coinbase shares. The sales were broken down as follows:
- ARK Innovation ETF (ARKK): 77,956 shares
- ARK Next Generation Internet ETF (ARKW): 29,802 shares
- ARK Fintech Innovation ETF (ARKF): 17,134 shares
Coinbase Stock Performance
On Monday, Coinbase shares closed down 0.83% at $350.49 but have risen 42.12% over the past month and 41.16% year-to-date. Shares peaked at $375.07 on June 26, marking the highest daily close since its IPO in April 2021.
Ark Invest's Strategy
The recent sale of Coinbase shares reflects Ark Invest's active portfolio management strategy for crypto-related stocks. Leading analytics firm Bernstein raised its price target for Coinbase from $310 to $510, citing improved earnings expectations and new sources of growth.
Ark Invest's recent sale of Coinbase shares highlights its active management strategy within the crypto sector, even amidst positive market trends.
