Bitcoin bull Cathie Wood’s asset management firm ARK Invest has sold Coinbase stock again, this time ahead of the cryptocurrency exchange’s impressive earnings report.
ARK Invest includes the ARK Innovation ETF (ARKK); ARK Fintech Innovation ETF (ARKF); and ARK Next Generation Internet ETF (ARKW), which appeared to have filed on Thursday.
This is the first time since January 11 that part of the stock has been offered.
The sale came just before Coinbase, traded as COIN on the Nasdaq, surged. Prices rose 11% in after-hours trading to $165 per share, boosted by Thursday’s earnings report.
ARK Invest is the second largest holder of Coinbase stock. In January, it sold 166,183 shares, worth $25.3 million.
The company acquires technology stocks and other companies related to the AI and cryptocurrency sectors. Three of its funds also bought more Tesla shares, according to the filing.
Electric car company Tesla is one of the largest public holders of Bitcoin.
Coinbase reported its fourth quarter 2023 results on Thursday, reporting a profit of $273.4 million compared to a loss of $557 million in the same period a year ago.
The San Francisco-based exchange said it managed to turn a profit thanks to a surge in cryptocurrency prices and increased interest in its USD Coin (USDC) product. Users can earn rewards by holding stablecoins on exchanges.
editor Ryan Ozawa.
