Cathie Wood's ARK Sells More Coinbase Stock as COIN, Bitcoin Boom

ARK Invest, Bitcoin bull Cathie Wood’s asset management firm, sold Coinbase stock again—this time ahead of the crypto exchange’s impressive earnings report.

In total, ARK Invest sold $34.3 million in shares of the crypto exchange from three of its funds—ARK Innovation ETF (ARKK); ARK Fintech Innovation ETF (ARKF); and ARK Next Generation Internet ETF (ARKW), a Thursday filing showed.

It was the first time since January 11 that it unloaded some of the stock.

The sale came just before Coinbase—which trades as COIN on the Nasdaq—started to jump: priced at $165 per share, it has risen 11% in after-hours trading, fueled by the Thursday earnings report.

ARK Invest is the second biggest holder of Coinbase stock. In January, it sold 166,183 shares—worth $25.3 million.

The firm snaps up tech stocks and other companies related to the AI and crypto space. Three of its funds also bought more Tesla stock, the filing shows.

Electric car company Tesla is one of the largest public holders of Bitcoin.

Coinbase on Thursday released its 2023 fourth quarter earnings, posting a profit of $273.4 million compared with a loss of $557 million the same time one year ago.

The San Francisco-based exchange said that it had managed to move back in the black thanks to a surge in crypto prices and increased interest in its USD Coin (USDC) product. Users are able to earn rewards by holding the stablecoin on the exchange.

Edited by Ryan Ozawa.

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