Cathie Wood’s ARK Invest has divested over $97 million worth of Coinbase (COIN) shares in February, as per recent trading data. Despite Coinbase’s stellar Q4 earnings, which exceeded market expectations, ARK Invest appears to be adjusting its investment portfolio.
Coinbase’s Q4 earnings report boasted a revenue of $953.8 million, surpassing analysts’ projections. However, ARK Invest, known for its forward-looking investment approach, has opted to offload approximately $100 million in COIN shares this month alone. According to CathiesArk data, ARK Invest conducted two transactions, selling more than 544,000 shares valued at over $97 million at current market prices. Since the year began, ARK Invest has shed nearly $130 million worth of COIN shares.
Despite the sell-off, ARK Invest CEO Cathie Wood remains optimistic about Coinbase’s future, affirming that the platform continues to execute brilliantly. In an interview with Yahoo Finance, Wood expressed confidence in Coinbase’s price trajectory, suggesting that the rally has just begun, reflecting ARK’s long-term bullish stance on the exchange. As of the latest available data, ARK Invest still holds a significant position of over 4.8 million COIN shares.
Earlier reports highlighted Coinbase’s robust performance in Q4 2023, with revenue growth surging by 45.2% compared to the previous quarter. Additionally, the company reported a net income of $273 million, or $1.04 earnings per share, exceeding analysts’ expectations by a significant margin.
ARK Invest’s decision to reduce its exposure to Coinbase shares comes amidst ongoing market volatility and strategic portfolio adjustments aimed at maximizing long-term returns.
