Nikolas Sargeant
In an emailed daily trading report, ARK disclosed the sale of $34.3 million worth of Coinbase shares, marking the first instance since January 11. Despite the previous sale, Coinbase has witnessed a 19% surge, including a substantial 14% jump on the day before the sale, driving its share price to $160.38. This surge coincided with Bitcoin's ascent beyond $52,000 and a 5.9% gain in the Nasdaq Composite stock index during the same period.
As Coinbase prepares to unveil its financial results, analysts anticipate robust earnings and revenue, fueled by heightened trading volume amid the crypto market's recent rally. Comparable platforms, such as Robinhood, reported a 10% increase in crypto revenue for the quarter.
ARK Invest's divestment comprised 30,009 shares from its Fintech Innovation ETF (ARKF), 152,600 from the Innovation ETF (ARKK), and 31,459 from the Next Generation Internet ETF (ARKW). The strategic move suggests a calculated adjustment to the investment portfolio in light of market dynamics and impending financial disclosures.
