- Coinbase’s stock price jumped 11% after the crypto exchange reported impressive Q4 2023 earnings, returning to profitability compared to a loss last year.
- ARK Invest, a major Coinbase shareholder, sold $34 million in Coinbase shares across three funds prior to the earnings report.
- Despite the sale, ARK Invest remains the second largest institutional holder of Coinbase stock. The asset manager bought more Tesla shares, another major crypto holder.
Cathie Wood‘s asset management firm ARK Invest has again sold Coinbase stock ahead of the crypto exchange’s impressive fourth quarter 2023 earnings report.
ARK Invest Sells $34 Million in Coinbase Shares
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), according to a Thursday filing. This was the first time since January 11 that ARK unloaded some of Coinbase’s stock.
Coinbase Stock Price Rises After Earnings
The sale came just before Coinbase, which trades as COIN on the Nasdaq, started to jump in price. Priced at $165 per share, Coinbase stock rose 11% in after-hours trading on Thursday, fueled by its earnings report.
ARK Invest Remains Major Coinbase Shareholder
ARK Invest is the second biggest holder of Coinbase stock. In January, it sold 166,183 shares worth $25.3 million.
ARK Invest Buys More Tesla Stock
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, according to the filing. Electric car company Tesla is one of the largest public holders of Bitcoin.
Coinbase Returns to Profitability
Coinbase on Thursday released its fourth quarter 2023 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 it returned to profitability thanks to a surge in crypto prices and increased interest in its USD Coin (USDC) product, which enables users to earn rewards for holding the stablecoin on the exchange.
