Ark Invest sold shares of Coinbase and Robinhood for $24.2 million

Ark Invest sold 96,435 shares of the Coinbase cryptocurrency exchange for $16 million between February 19 and February 26, 2024.

According to published information, securities were sold from the following funds:

• Innovation ETF - 54,307 shares ($9 million);
• Next Generation Internet ETF - 28,222 shares ($4.7 million);
• Fintech Innovation ETF - 13,906 shares ($2.3 million).

The ongoing asset sale operations occur against the backdrop of a noticeable increase in securities under the ticker COIN. Over the past month, shares have increased in price by 30.4%, and over the previous six months - by 123%

Coinbase's market capitalization is $40.2 billion. At the time of writing, the rate is at $165.96.

On February 15, 2024, Coinbase published its financial report for the fourth quarter of last year. Compared to the previous reporting period, the company's revenue increased by 41% and amounted to $954 million.

It is also worth noting that financial giant JPMorgan has upgraded its stock rating on the Coinbase exchange to “neutral” with a target price of $80. The organization stated that it is not ready to recommend investments for this position, but is obliged to note changes in the market.

In addition to the cryptocurrency exchange, Ark Invest sold securities to Robinhood.

In total, the company sold 565,491 shares worth $8.2 million. They were sold from the Next Generation Internet and Fintech Innovation funds.