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Cryptocurrency News Articles
Ark Invest Dumps Coinbase Shares Amid Market Volatility
Apr 05, 2024 at 11:03 am
Cathie Wood's Ark Invest sold Coinbase shares despite the stock's rise on Thursday. The move surprised many as major cryptocurrencies traded mixed, with Bitcoin gaining and Ethereum dipping. Ark Fintech Innovation ETF (ARKF) sold 22,690 shares, while ARK Next Generation Internet ETF (ARKW) sold 2,972 shares, a trade valued at $6.4 million.
Ark Invest Sells Coinbase Shares Amid Market Volatility
On Thursday, Ark Invest, led by renowned investor Cathie Wood, made a notable move by divesting shares of Coinbase Global Inc. (COIN), despite the stock's positive performance on the day of the transaction.
Unexpected Sale
Ark Invest's decision to sell Coinbase shares came as a surprise to many, as the stock had been on an upward trajectory throughout the day. This move occurred against the backdrop of mixed trading for major cryptocurrencies, with Bitcoin trading higher and Ethereum slightly lower at the time of writing.
Trade Details
According to a report from Benzinga, Coinbase shares were trading higher on Thursday. Ark Invest's trade involved the sale of 22,690 shares through the Ark Fintech Innovation ETF (ARKF) and 2,972 shares through the ARK Next Generation Internet ETF (ARKW). Calculated using the latest closing price of $249.61, the value of the trade amounted to approximately $6.4 million.
Oppenheimer Raises Target Price
Interestingly, the sale occurred on the same day that New York-based financial firm Oppenheimer raised its share price target for Coinbase to $276, up from a previous target of $200. This new target price implies a potential increase of around 10% over Coinbase's closing share price of $251.58 on Wednesday.
Other Key Trades
In addition to the sale of Coinbase shares, Ark Invest also made other notable trades. ARKF purchased shares of SoFi Technologies Inc. (SOFI) and Roblox Corp (RBLX). ARKF also sold shares of Twilio Inc. (TWLO), while ARKG acquired shares of 10x Genomics Inc. (TXG) and Verve Therapeutics Inc. (VERV). ARKW purchased shares of Roku Inc. (ROKU) and sold shares of Twilio Inc. (TWLO).
Background
Coinbase is a leading cryptocurrency exchange that enables users to buy, sell, and hold digital assets. The company's stock has been under pressure in recent months amid a broader market downturn and concerns over the regulatory landscape for cryptocurrencies.
It is unclear why Ark Invest decided to sell Coinbase shares despite the positive market conditions on Thursday. The sale could indicate concerns about the long-term prospects of the cryptocurrency market or a reevaluation of Coinbase's valuation.
Investors should note that Ark Invest's trades do not constitute investment advice and should conduct their own research before making any investment decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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