Posted 2/20/2024, 4:38:00 AM
ARK Invest Sells $90M in Coinbase Stock Despite Earnings Beat
- ARK Invest sold nearly 500k Coinbase shares across 3 ETFs last Friday, worth about $90M
- The sale comes despite Coinbase reporting better-than-expected Q4 earnings
- Several analysts upgraded Coinbase following the earnings beat, but ARK's sale seems to contradict the bullish outlook
- Not all analysts were optimistic - JPMorgan criticized Coinbase's lack of transparency around spot Bitcoin ETF impacts
- Unclear if ARK's sale signals broader concern about Coinbase or just portfolio rebalancing