Ark Invest Sells Coinbase Shares Worth $34.3 Million
Date: 2024-02-15 Author: Dima Zakharov Categories: BUSINESS
Ark Invest has made a substantial move in the stock market by selling $34.3 million worth of shares in Coinbase, marking its first divestment from the cryptocurrency exchange since January. This decision comes amidst a recent surge in the value of Coinbase shares, which had seen a 16.9% increase since the beginning of February.
According to reports, Ark Invest sold a total of 214,068 shares from three of its funds—ARKK, ARKW, and ARKF—at a price of $160.2 per share. This divestment occurred on February 14th, 2024, as revealed by trade activity data shared by the company.
Coinbase's stock price closed at $160.3 at the end of the trading day, slightly higher than the selling price set by Ark Invest. Despite this, forecasts suggest a potential increase to $167, according to data from TradingView.
The trajectory of Coinbase's shares has seen significant fluctuations in recent months. While the stock experienced a downward trend from late December 2023, it began to recover in early February 2024, with its value rising from $117 to $160 over a few weeks.
This move follows Ark Invest's previous divestment activities, including the sale of a substantial portion of Coinbase shares worth $46 million in January. Additionally, the company redirected funds from the sale of BITO shares into its spot Bitcoin ETF upon approval and market entry.
Earlier reports indicated a downgrade in Coinbase's stock rating by JPMorgan Chase, further influencing market sentiment towards the cryptocurrency exchange.
