COIN

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ark-invest-sells-coinbase-shares-following-profit-report/" data-wpel-link="internal">Ark Invest Sells Coinbase Shares Following Profit Report</a><br></p>
<p style="text-align: justify">Famous <a href="https://en.coin-turk.com/macro-expert-lyn-alden-believes-spot-bitcoin-etfs-wont-affect-crypto-prices/" data-wpel-link="internal">Bitcoin</a> (BTC) bull Cathie Wood’s investment management firm Ark Invest reduced its holdings in Coinbase, following the crypto exchange’s announcement of its first quarterly profit in two years, which led to a more than 15% rise in COIN stock price.</p> 
<h2 id="ark-invest-s-31-million-liquidation">Ark Invest’s $31 Million Liquidation</h2> 
<p style="text-align: justify">On February 15, <strong>Ark Invest</strong> sold a total of 162,762 Coinbase shares valued at approximately $31 million. This followed Coinbase’s earnings surpassing market expectations and a more than 15% increase in COIN price after market hours. The ARK Innovation ETF (ARKK) sold 146,807 <strong>Coinbase</strong> shares, and the Ark Fintech Innovation ETF (ARKF) sold 15,995 COIN shares. Additionally, the ARK Next Generation Internet ETF (ARKW) reported that it would continue to hold its COIN assets as is.</p> 
<p style="text-align: justify">A total of 214,068 Coinbase shares worth about $35 million were sold by Cathie Wood’s Ark Invest funds on February 14, as the <strong>COIN</strong> price soared following the earnings report. The COIN price closed at $165.67 on Thursday, up 3.30%, but surged more than 15% after hours to $190.90. The COIN stock price reached its highest level in two years amid growing sensitivity towards Bitcoin, surpassing $52,000.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-315549 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/cathiewoodd.jpeg" alt="" width="1280" height="720"></p> 
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<h2 id="coinbase-earnings-surpass-expectations">Coinbase Earnings Surpass Expectations</h2> 
<p style="text-align: justify">Coinbase reported earnings per share (EPS) of $1.04, against Wall Street’s expectation of $0.2. Revenue of $953.8 million also beat the forecast of $826.1 million. The exchange saw a 100% increase in trading volume in the fourth quarter compared to the third, reaching a volume of $154 billion. Rising <strong>crypto prices</strong> amid expectations for a spot Bitcoin ETF rejuvenated market interest.</p> 
<p style="text-align: justify">While Ark funds exited Coinbase, JPMorgan had previously upgraded the company’s rating from “underweight” to “neutral.” The ARK Autonomous Technology &amp; Robotics ETF (ARKQ) decided to transfer its Alphabet and NVIDIA holdings. Specifically, 12,146 GOOG and 2,707 NVDA shares were sold. ARKW also disposed of 1,969 NVIDIA shares on Thursday, following ARKQ’s sale of 10,601 NVIDIA Corp shares in exchange for 32,629 Qualcomm shares on Wednesday.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ark-invest-sells-coinbase-shares-following-profit-report/" data-wpel-link="internal">Ark Invest Sells Coinbase Shares Following Profit Report</a></h5>

Ark Invest Sells Coinbase Shares Following Profit Report

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