newsCathie Wood’s ARK sells 135K Coinbase shares as price hits $90

Cathie Wood’s ARK sells 135K Coinbase shares as price hits $90

Cathie Wood’s ARK Invest has sold 135,152 shares of Coinbase Global Inc (NASDAQ:COIN) for a total of $12 million. The sale was made on July 11, 2023, when Coinbase‘s stock price was trading at around $90.

The sale represents a significant reduction in ARK’s stake in Coinbase. The investment firm had previously held over 1 million shares of the cryptocurrency exchange.

The move comes as the broader cryptocurrency market has been struggling in recent months. Bitcoin, the largest cryptocurrency by market capitalization, has lost over 70% of its value since its all-time high in November 2021.

Coinbase’s stock price has also been hit hard. The stock is down over 80% from its IPO price of $381 in April 2021.

It is unclear why ARK Invest decided to sell its Coinbase shares. However, the move could be a sign that the investment firm is becoming more cautious about the cryptocurrency market.

 Analysts weigh in on the sale

Analysts have weighed in on the sale of Coinbase shares by ARK Invest. Some analysts believe that the sale is a sign that ARK is becoming more cautious about the cryptocurrency market.

“This is a significant reduction in ARK’s stake in Coinbase,” said Michael Pachter, an analyst at Wedbush Securities. “It suggests that ARK is becoming more cautious about the cryptocurrency market.”

Other analysts believe that the sale is not a major concern. They point out that ARK still holds a significant stake in Coinbase, and that the investment firm has a long-term investment horizon.

“I don’t think this is a major concern,” said David Trainer, an analyst at New Constructs. “ARK still holds a significant stake in Coinbase, and they have a long-term investment horizon.”

The future of Coinbase

The future of Coinbase is uncertain. The cryptocurrency exchange is facing a number of challenges, including the recent decline in the cryptocurrency market, increased competition, and regulatory scrutiny.

However, Coinbase also has some strengths. The company has a strong brand, a large user base, and a leading position in the cryptocurrency market.

It is too early to say what the future holds for Coinbase. However, the sale of Coinbase shares by ARK Invest is a sign that the investment firm is becoming more cautious about the cryptocurrency market.

Conclusion:

The sale of Coinbase shares by ARK Invest is a significant development. It suggests that the investment firm is becoming more cautious about the cryptocurrency market. However, it is too early to say what the future holds for Coinbase.

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