Cathie Wood’s ARK Offloads $90M Coinbase Shares Amid Slew of Analyst Upgrades
Summary
ARK Invest sold nearly 500,000 shares of Coinbase Global, worth around $90 million. The shares were sold from three of ARK's ETFs: ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF. This occurred as Coinbase's shares rose by almost 27% to $180.31 following better-than-expected Q4 results. Several analysts upgraded the stock and increased its price target after the results. However, JPMorgan and Mizuho criticized Coinbase for its lack of clarity on how bitcoin exchange-traded funds impacted its business. ARK Invest also sold $6.72 million shares of trading platform Robinhood.
