Bitcoin
$62,608.64-1.42%
Ethereum
$3,191.91-3.01%
Binance Coin
$588.96-2.46%
Solana
$136.44-3.70%
XRP
$0.50800689-2.16%
Dogecoin
$0.14229855-4.40%
Toncoin
$5.29-3.26%
Cardano
$0.45462291-3.17%
Shiba Inu
$0.00002366-4.10%
Avalanche
$33.49-3.19%
Tron
$0.11900343-1.65%
Wrapped Bitcoin
$62,673.47-1.70%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
30
DAYS
01
HR
21
MIN
49
SEC
Markets

Cathie Wood's ARK Invest Sells Coinbase Shares for First Time in a Month

ARK sold $34.3 million of shares in the crypto exchange, which is due to report earnings after the U.S. market closes.

By Sheldon Reback
AccessTimeIconFeb 15, 2024 at 8:55 a.m. UTC
Updated Mar 8, 2024 at 9:36 p.m. UTC
Ark Invest CEO Cathie Wood
Cathie Wood (Danny Nelson/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • ARK sold $34.3 million worth of shares from three different funds, according to an emailed daily trading report.
  • Coinbase has advanced 19% since the firm's previous sale and is due to report earnings after the market close.

ARK Invest, the Cathie Wood-run investment vehicle, sold Coinbase (COIN) stock for the first time in a month on Wednesday, a day before the crypto exchange was due to report fourth-quarter earnings.

ARK sold $34.3 million worth of shares from three different funds, according to an emailed daily trading report. The last time it reported selling the stock was Jan. 11.

Coinbase, the only U.S.-listed crypto exchange, has climbed 19% since then, including a 14% jump yesterday that took the share price to $160.38 as bitcoin (BTC), the largest cryptocurrency by market cap, climbed through $52,000. The Nasdaq Composite stock index gained 5.9% in the same period.

The exchange is expected to post stronger earnings and revenue when it reports results after the market closes today, fueled by increased trading volume as the crypto market rallied. Robinhood, a trading platform that also covers crypto, reported a 10% increase in crypto revenue in the quarter.

The investment firm sold 30,009 shares from its Fintech Innovation ETF (ARKF), 152,600 from the Innovation ETF (ARKK) and 31,459 from the Next Generation Internet ETF (ARKW).

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sheldon Reback
Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Follow @sheldonreback on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
CoinbaseARK Invest