Ark Invest Takes Profit on Coinbase, Selling $43.8M Stake as Rally Continues

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Cathie Wood’s Ark Invest capitalized on Coinbase’s recent surge, selling $43.8 million worth of shares across its flagship ETFs. The move comes as COIN trades near its highest levels since its 2021 IPO.

Monday’s sales included 124,892 shares, with the ARKK, ARKW, and ARKF ETFs reducing their holdings. Despite a slight 0.83% dip to $350.49, Coinbase has soared 42% in the past month, fueled by bullish sentiment around crypto markets and Circle’s public listing.

The stock reached a milestone on June 26, closing at $375.07—its highest since going public. Bernstein analysts recently upgraded their price target to $510, pointing to improved earnings visibility and expanding revenue streams in custody and derivatives.

Ark’s sell-off reflects ongoing portfolio adjustments as Coinbase’s rally extends into 2024, with shares up 41% year-to-date.