Cathie Wood’s Ark Invest funds divested $5 million worth of Coinbase shares prior to Thursday’s Q4 earnings report.
Ark Invest, a Cathie Wood-led investment management firm, implemented substantial modifications across several funds on Wednesday. Ahead of the fourth quarter earnings report, Ark Invest funds divested Coinbase shares worth millions of dollars as part of an active portfolio management strategy, according to rumors.
Cathie Wood Diverts Coinbase Shares
According to transactions observed by CoinGape, Cathie Wood’s Ark Invest I sold 214,068 Coinbase shares for $5 million on February 14. In response to an 18% increase in the price of COIN, Bitcoin has surged above $52,000, and spot Bitcoin ETFs have received significant inflows.
ARK Next Generation Internet ETF (ARKW) divested 31,459 COIN shares, ARK Innovation ETF (ARKK) sold 152,600 Coinbase shares, and Ark Fintech Innovation ETF (ARKF) sold 30,009 COIN shares.
Wednesday’s closing price of Coinbase (COIN) was $160.38, an increase of 14.24%. After hours, the share price increased 4.09% to $166.94, as Bitcoin surpassed $52,000.
Amid investor uncertainty, the selloff preceding the earnings report prompted further inquiry. Some analysts believe Coinbase’s earnings may fall short of investor expectations, but a surprising result is anticipated in light of the burgeoning cryptocurrency market capitalization and trading volume. Coinbase expects $820.28 million in revenue and $0.27 million in EPS.
Cathie Wood Sells Robinhood And purchases Tesla And Meta
On February 13, Cathie Wood’s Ark Invest acquired 42,129 Robinhood Markets shares, the initial purchase after the company’s earnings report surpassed initial expectations. It sold 119,394 HOOD shares on February 14, when the HOOD price closed at $13.38, a decrease of nearly 13%.
145,455 Tesla shares, valued at $27.45 million, and 7,796 META shares were acquired by Ark Invest funds on Wednesday, augmenting their holdings in these digital assets-related companies. Additionally, Cathie Wood decided to exchange 32,629 Qualcomm shares for 10,601 NVIDIA Corp. shares.
